Which of the following combinations are unattainable given a consumer's budget line?
a. Combinations that fall inside the budget line
b. Combinations on the midpoint of the budget line
c. Combinations that fall on the budget line
d. Combinations that fall beyond the budget line
e. A combination that intersects either of the axes
d. Combinations that fall beyond the budget line
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A good is path dependent when
A) it can only be used in one way. B) people who move location follow the path of people who moved before them. C) consumers get utility from consuming goods that others are consuming, such as restaurants. D) the first technology that was adopted has an advantage over a better technology that came later.
Many countries impose tariffs or quotas to protect the domestic industry from competition.
Answer the following statement true (T) or false (F)
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $32. How many hours should Joe stay open?
A. 4 hours B. 5 hours C. 6 hours D. 7 hours
The Federal Reserve cannot target both the money supply and the interest rate because it does not control
A) bank reserves. B) money demand. C) the discount rate. D) open market operations.