Indifference curves describe ________
A) the relationship between current and future income
B) the utility received by an individual consumer
C) the relationship between utility and income
D) productivity levels
B
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The study of the problems due to asymmetric information was begun when economists analyzed which type of market?
A) the market for automobiles B) farmers' markets C) the market for insurance D) the market for citrus fruit
The health care system currently in place will be dramatically changed in the next four years.
A. True B. False C. Uncertain
In the early 1990s, economists became alarmed over the national debt because it
A. was larger than three months’ GDP. B. was growing faster than GDP. C. had reached twice the size of GDP. D. was growing faster than private debt.
Marginal analysis involves undertaking an activity
A) until its marginal costs start declining. B) only when its marginal benefits are positive. C) until its marginal benefits equal marginal costs. D) only if its marginal costs are greater than its marginal benefits.