The marginal rate of substitution represents the maximum amount of one commodity a consumer is willing to give up in exchange for one more unit of another commodity
a. True
b. False
Indicate whether the statement is true or false
True
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The term "stagflation" refers to an economy with the simultaneous problems of
(a) rising inflation rates and falling unemployment rates. (b) rising deflation and unemployment rates. (c) rising inflation and unemployment rates. (d) falling deflation and unemployment rates.
In the above figure, moving from producing 50 guitars and 50 ukuleles to producing 25 guitars and 75 ukuleles, the opportunity cost of one ukulele is
A) 25 guitars. B) 75 ukuleles. C) 25 ukuleles. D) 1 guitar.
The real deficit is the nominal deficit adjusted for inflation's effect on existing debt.
Answer the following statement true (T) or false (F)
In the above figure, along which range would total revenue remain unchanged by raising prices?
A. between point c and point d B. between point a and point b C. between point d and point e D. below point e and above point a.