Indifference curves that cross violate the property of
a. the marginal rate of substitution.
b. transitivity.
c. indifference curves bowing inward.
d. They do not violate any properties of indifference curves.
b
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In a Dutch auction, the higher the bid, the ________ the surplus and the ________ chance of winning
A) higher; lower B) lower; higher C) higher; higher D) lower; lower
Productivity relates to
A) working harder over time. B) working longer over time. C) producing the same output with fewer labor hours. D) producing the same output with more labor hours.
If planned construction investment increases by $30 billion and the MPC is two-thirds, total output will increase by
a. $30 billion. b. $20 billion. c. $45 billion. d. $90 billion.
Investments
A. are more profitable when interest rates rise. B. are less profitable when interest rates rise. C. are more profitable when economic rents rise. D. are less profitable when economic rents rise.