What are the properties of indifference curves?
a . Every point on an indifference curve farther from the origin than another indifference curve is preferable to points on the curve closer to the origin.
b. Indifference curves never intersect.
c. Indifference curves are negatively sloped.
d. Indifference curves are generally "bowed in" (convex) toward the origin.
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Which of the following is a labor resource?
A. a computer B. a computer programmer C. a piece of software used by a firm D. silicon (sand) used to make computer chips
The model of monopolistic competition differs from the model of perfect competition in which of the following assumptions?
A. Perfect information B. Large number of firms C. Free entry and exit D. Product homogeneity
The positive slope of the consumption function indicates that
a) consumers spend less out of each extra dollar of income b) the amount of household wealth is subject to change c) when prices fall consumers spend more d) consumers increase their total consumption expenditure when disposable income increases
If inflation was 3 percent last year and 2 percent this year, an individual who follows extrapolative expectations would predict that the inflation rate for the coming year would be:
A. 1 percent. B. 0 percent. C. 3 percent. D. 5 percent.