A budget constraint:
A. shows different bundles of goods that all yield the same total utility.
B. shows different bundles of goods that all cost the same amount.
C. shows different bundles of goods that all maximize an individual's utility.
D. shows how much income is needed to maximize total utility.
B. shows different bundles of goods that all cost the same amount.
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If robotics and factory automation become more widespread in an industry and all else is held constant
A. the demand for labor should decrease in that industry and the wage rate should increase. B. the demand for labor should increase in that industry and the wage rate should decrease. C. both the demand for labor in that industry and the wage rate should decrease. D. both the demand for labor in that industry and the wage rate should increase.
Refer to the scenario above. The real GDP of the country in Year 1 was ________
A) $280,000 B) $2,200,000 C) $540,000 D) $1,400,000
Which of the following was not a major area addressed by the Dodd-Frank Bill (i.e., Wall Street Reform and Consumer Protection Act of 2010)
a. Reducing systemic threats to the U.S. financial system. b. Solving the "too big to fail" problem in the U.S. financial system. c. Preventing spillover effects in the financial industry. d. Ensuring that investment banks and others reduced the amount of "skin in the game" they in the mortgage industry.
In Figure 4.1, the demand curve that is perfectly inelastic is on graph:
A. A. B. B. C. C. D. D.