A graph that shows the cumulative shares of income received by a family is a:
a. Distribution curve.
b. Lorenz curve.
c. Ricardian curve.
d. Quintlile curve.
b
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Explain the principle of the "second best."
What will be an ideal response?
Which of the following is most likely to be the subject of informational advertising?
A. a search good B. an experience good C. an inexperience good D. a credible good
Sven likes to water ski, but can only water ski during the one week each year when he is on vacation. Therefore, he plans to ski every day, for eight hours a day. The first day, Sven skied for eight hours and enjoyed every hour. The second day, Sven slept in and then skied for seven hours, which was fun but not as much fun as the first day. The third day, Sven skied for six hours, but was starting to get a bit bored by the end. The fourth day, Sven skied for four hours and then took a nap. On the fifth day of Sven's vacation, Sven went blueberry picking all day. Sven's total utility ________ with each hour that he skied.
A. first increased than decreased B. increased C. decreased D. remained constant
Joe prefers a three-pack of soda to a six-pack. What properties does this preference violate?
A. Diminishing MRS B. Transitivity C. More is better D. Completeness