The farther an indifference curve is from the origin, the more total utility it yields.
Answer the following statement true (T) or false (F)
True
An indifference map depicts all the combinations of goods that would yield various levels of satisfaction. As the indifference curves move farther from the origin, the level of total utility increases.
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Answer the following statement(s) true (T) or false (F)
1. When an increase in marginal productivity increases workers' nonlabor income, the effect on the quantity of labor supplied is ambiguous. 2. A permanent increase in workers' marginal productivity causes employment to rise by more than if the increase were temporary. 3. A technological improvement that is permanent is more likely to raise employment than one that is temporary. 4. Education is partly investment but also partly consumption. 5. All other things being equal, firms that provide on-the-job training to workers will tend to pay higher wages.
The four-firm concentration ratio equals the percentage of the value of ________ accounted for by the four ________ firms in the industry
A) sales; smallest B) profits; smallest C) sales; largest D) profits; largest
Suppose that you deposit $2,000 in your bank and the required reserve ratio is 10 percent. The maximum loan your bank can made as a direct result of your deposit is
A) $200. B) $1,800. C) $2,000. D) $20,000.
A natural monopoly exists when, throughout the range of market demand,
a. average cost is increasing b. there are diseconomies of scale c. there are economies of scale d. average cost is constant e. marginal cost exceeds average cost