Profit is constant along an isoquant.
Answer the following statement true (T) or false (F)
False
Rationale: Output is constant along an isoquant.
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Which of the following best reflects an increase in quantity demanded and not an increase in demand?
A) A college expects enrollment to increase, despite no change in the tuition. B) Skiing becomes a fashionable winter sports activity. C) The price of hair stylings falls. D) Consumers expect lower prices next month for computers.
The federal government budget has generally been in a deficit for the past several decades because
A) budget deficits promote full employment. B) every year during those decades was a recession year in which expansionary fiscal policy was called for. C) military expenditures were increased steadily throughout those decades. D) political pressure on Congress to increase taxes and to balance the budget were less effective than political pressure to increase expenditures.
Government deficits tend to increase during
A) periods of war and recession. B) periods of below- or above-average growth. C) periods of increased financial uncertainty. D) recessions and booms.
The expression "getting the most bang for your buck" is an illustration of the
A. marginal utility/total utility ratio. B. total utility/price ratio. C. marginal utility/price ratio. D. total utility/marginal utility ratio.