Which of the following is not a characteristic of indifference curves?
A. They are negatively sloped.
B. They never intersect.
C. They are concave toward the origin.
D. Combinations of goods that include more of both goods are preferred, on a higher indifference curve.
Answer: C
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Which of the following statements is correct about the demand curve of the perfectly competitive industry?
A) The demand curve of the perfectly competitive industry is horizontal as are the demand curves facing the individual firms. B) The market demand curve of perfect competition is vertical because the individual consumers are buying a homogeneous product. C) The market demand curve of the perfectly competitive industry is downward sloping while the demand curve facing an individual firm is horizontal. D) The market demand curve of the perfectly competitive industry is downward sloping, so the demand curves of the individual firms are also downward sloping.
A fixed exchange rate causes:
A) transaction costs to increase. B) efficiency to increase only if the economies are integrated. C) efficiency to increase under all circumstances. D) volume of trade to decline.
Which of the following would supply-side economists advocate?
I. reducing tax rates in order to encourage people to work more II. providing investment tax credits to stimulate capital formation spending III. increasing government spending IV. increasing transfer payments to those who want to be retrained for employment A) I, II, III, and IV B) I, II, and III only C) I, II, and IV only D) I and II only
Immediately after World War II, the United States ran trade:
A. deficits and was an international borrower. B. deficits and was an international lender. C. surpluses and was an international borrower. D. surpluses and was an international lender.