The slope at any point on an indifference curve equals the absolute price at which a consumer is willing to substitute one good for the other
a. True
b. False
Indicate whether the statement is true or false
False
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In 2015, Smileytown consumed 12,000 gallons of mouthwash. In 2016, mouthwash consumption rose to 17,000 gallons. Calculate the percentage change in mouthwash consumption
A) 17.2% B) 29.4% C) 41.7% D) 70.6%
An index of the weighted exchange value of the U.S. dollar versus the currencies of a broad group of major U.S. trading partners is called the trade-weighted dollar
Indicate whether the statement is true or false
If there are only two goods and these are consumed in fixed proportions, the price elasticities of demand for these two goods will sum to:
a. 0.0. b. -0.5. c. -1.0. d. a number between 0 and -1.
Most of the U.S. national debt is owed to ____. Thus a rising national debt implies that there will be a future redistribution of income and wealth in favor of ____
a. foreigners; foreigners b. other U.S. citizens; bondholders c. foreigners; those needing government services d. other U.S. citizens; those needing government services