The nominal interest rate tells you
a. how fast the number of dollars in your bank account rises over time.
b. how fast the purchasing power of your bank account rises over time.
c. the number of dollars in your bank account today.
d. the purchasing power of your bank account today.
a
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Joe's indifference map for lobster and soda is shown in the above figure along with his budget line. Will Joe choose point a? Explain your answer in terms both of MRS and the level of utility
What will be an ideal response?
Assuming a constant cost industry, consumer surplus would be greater under monopoly than if the industry were perfectly competitive
a. True b. False
Economic growth most likely occurs when
A. a society learns to produce more using existing resources. B. a society moves inside its production possibility frontier. C. the society begins to produce the combination of goods society wants most. D. a society moves along its production possibilities frontier.
The slope of the ________ is -MPL/MPK.
A. isoquant B. isocost line C. total utility curve D. marginal utility curve