Joe's income is $500, the price of food (F, y-axis) is $2 per unit, and the price of shelter (S, x-axis) is $100. Which of the following represents his marginal rate of transformation of food for shelter?
A) -5
B) -50
C) -.02
D) None of the above.
B
You might also like to view...
Surplus value that is lost because something is keeping the market from functioning as well as it can is known as ________
Fill in the blank(s) with correct word
A movement along the MP curve ________
A) implies an automatic adjustment of the interest rate B) implies an autonomous adjustment to the interest rate C) implies an autonomous adjustment of aggregate demand D) all of the above E) none of the above
Which of the following would cause a debit entry in the U.S. balance of payments?
a. Canadian citizens increase their shopping trips to the United States b. more U.S. citizens vacation in Austria c. Italian citizens stop vacationing in Monte Carlo and go to Miami instead d. the United States sells oil-drilling equipment to Kuwait
In the United States, the purchasing power of money is determined by
a. the underlying precious metals that back each unit of currency. b. the value of U.S. treasury bonds that back each unit of currency. c. Federal Reserve policy, which controls the money supply. d. Congress, which controls the money supply.