Along an indifference curve,
A. the marginal utility of all items is equal.
B. the prices of all goods are equal.
C. the total satisfaction is the same.
D. the marginal utility/price ratios of all items are equal.
Answer: C
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Refer to the figure above. What is the profit-maximizing quantity that the monopolist should produce if it faces a constant marginal cost of $5?
A) 200 units B) 300 units C) 400 units D) 600 units
If a country imposes a tariff on all imports, then you would expect to see:
a. an increase in this country's current account surplus. d. an increase in this country's foreign lending. c. in increase in this country's exchange rate. d. a and b. e. all of the above.
The change in the quantity demanded of gas because of increasing gas prices over the last decade:
A. was more elastic than it has been in the last six months. B. was less elastic than it has been in the last six months. C. has been relatively the same over both time periods. D. has become a non-issue for people now that they are used to higher gas prices.
Other things equal, a reduction in personal income taxes will decrease consumption and will have an expansionary effect on real GDP
a. True b. False Indicate whether the statement is true or false