The farther an indifference curve lies from the origin ________
A) the greater the level of individual income
B) the lower its utility
C) the lower the level of individual income
D) the higher its utility
D
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Which of the following is most likely to occur when the marginal revenue product of capital increases? a. The price of the product in which capital is used as a resource decreases. b. The equilibrium rental rate for capital increases
c. The demand for labor as a resource increases. d. The demand curve for capital shifts to the left.
When there is no Equilibrium (or no Nash Equilibrium), we expect that:
a. the firms end up in the cooperative strategy. b. a firm will follow a randomized strategy. c. a firm will not care what it does. d. a firm will very likely have a dominant strategy.
If a $15 billion reduction in taxation produces a change of $20 billion in output, the value of the government taxation multiplier is ________
A) 35 B) 0.75 C) 5 D) 1.3
In the short run, a perfectly competitive firm can
A) only make an economic profit. B) only make zero economic profit. C) only incur an economic loss. D) make an economic profit, zero economic profit, or incur an economic loss.