The desire to smooth consumption is reflected in
A) the consumer's budget constraint.
B) the curvature in a consumer's indifference curves.
C) choice between present and future.
D) the production possibilities frontier.
B
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John is a U.S. citizen who bought a house in Canada. This purchase will lead to a(n) ________
A) decrease in the GDP of Canada B) increase in the GDP of Canada C) increase in the GDP of U.S. D) decrease in the GDP of U.S.
Which of the following statements about an entrepreneur is false?
A) An entrepreneur sells his entrepreneurial services in the output market. B) An entrepreneur develops the vision for the firm and funds the producing unit. C) An entrepreneur risks the personal funds provided. D) An entrepreneur organizes the other factors of production into a working unit.
Refer to the above figure for the corn market. The government wants to set an effective price support in the corn market. To be effective the price should be set
A) below P1. B) at P1. C) at P2. D) at P3.
"Unit elasticity of demand can be found everywhere along a straight-line demand curve with a slope of -1." Do you agree or disagree? Explain
What will be an ideal response?