Subprime mortgages frequently featured small or zero down payments
a. True
b. False
Indicate whether the statement is true or false
True
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If the price of a good increases, all else the same, then the consumer's total utility will
A) increase. B) decrease. C) remain the same as consumption shifts to cheaper goods. D) decrease if there are no substitutes for the good and remain the same if there are substitutes for the good.
A decrease in resources, efficiency, or technology will shift the:
A) short-run aggregate supply curve rightward. B) short-run aggregate supply curve leftward. C) long-run aggregate supply curve rightward. D) long-run aggregate supply curve leftward.
Suppose two coffee snobs who must have their coffee and cream in exact proportions (each cup is 10 coffee per 1 unit cream) are invited to a weekend long event (during which they can easily consume 8 cups of coffee). Suppose Snob A is given 8 units of cream and Snob B is given 80 units of coffee. The contract curve in the Edgeworth box would be
a. a right angle connecting the lower left corner with the upper right corner. b. a curve (not a line) connecting the lower left corner with the upper right corner. c. a line connecting the lower left corner with the upper right corner. d. a right angle connecting the upper left corner with the lower right corner.
For a monopoly producing any output level greater than one, the marginal revenue curve:
A. is minimized when total revenue is maximized. B. lies above the average revenue curve. C. lies below the demand curve. D. is the same as the demand curve.