What assumptions are necessary to prevent indifference curves from crossing?
A. Transitivity and more is better
B. More is better
C. Transitivity
D. Completeness
Answer: A
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The recognition lag for fiscal policy is ________ it is for monetary policy
A) generally longer than B) generally shorter than C) roughly the same as D) There is not a recognition lag for fiscal policy.
The above table shows Homer's marginal utility from consuming various quantities of chocolate chip cookies and cake. The price of cookies is $2 per pound, the price of cake is $2 per slice and Homer has $12 to spend on cookies and cake
Homer will consume ________ of cookies and ________ of cake. A) 1 pound; 5 slices B) 2 pounds; 4 slices C) 3 pounds; 3 slices D) 5 pounds; 2 slices
Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $11,000 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) 1% B) 2% C) 5% D) 10%
If we were to compare the monopolistically competitive firm's long-run outcome to that of a perfectly competitive one, we would conclude that the monopolistically competitive firm:
A. creates less consumer surplus. B. produces more output. C. earns the same profit as a perfectly competitive firm. D. All of these statements are true.