________ is the yardstick used to compare living standards across nations
a. Investment level
b. Output per capita
c. Net export
d. Interest rate
b
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If the price of milk increased by 5 percent because of an increase in the demand for milk, and the quantity of milk supplied increased by 7 percent
A) the supply curve of milk has shifted rightward. B) the price elasticity of supply of milk is greater than one. C) milk is more of a luxury than a necessity. D) milk is more of a necessity than a luxury.
Each of the following are characteristics of a typical indifference curve map except
a. moving northeast to a new indifference curve will increase utility. b. points on the same indifference curve yield equal utility. c. the axes represent levels of utility for each of the goods. d. indifference curves cannot cross.
Holding the mean constant, the larger the standard deviation, the ________ the gamble will be.
A. less risky B. more risky C. higher utility D. None of the statements is correct.
Which of the following is an example of a monopolistically competitive firm?
a. a frozen yogurt shop b. a pharmaceutical firm c. Honda Motor Corporation d. DeBeers Diamonds