A person is risk loving if:
A. for a given level of expected consumption, he prefers a risky bundle to a risk less one.
B. his indifference curve is convex to the origin.
C. his indifference curve is concave to the origin.
D. his indifference curve is concave to the origin and for a given level of expected consumption, he prefers a risky bundle to a risk less one.
D. his indifference curve is concave to the origin and for a given level of expected consumption, he prefers a risky bundle to a risk less one.
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The central bank for the United States is
A) the Congressional Bank. B) the Federal Reserve System. C) Chase Manhattan Bank. D) First National Bank of New York.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in aggregate demand. B. increase in aggregate demand. C. decrease in short-run aggregate supply. D. increase in short-run aggregate supply.
The fact that landlords are able to pass the majority, but not all, of the burden of property taxes on to renters suggests that the price elasticity of demand for apartments is
A. Perfectly inelastic. B. Elastic. C. Inelastic. D. Perfectly elastic.
A graph showing all the combinations of capital and labor that can be used to produce a given amount of output is a(n)
A. production function. B. isoquant. C. indifference curve. D. isocost line.