If cars and petrol are consumed in a specific proportion, the indifference curve for cars and petrol is likely to be _____
a. a straight line
b. downward sloping
c. L- shaped
d. U-shaped
c
You might also like to view...
According to interest rate parity, if the interest rate is 1 percent in the European Union and the euro is expected to appreciate 3 percent, the comparable interest rate in the United States will be
A) 4 percent. B) 3 percent. C) 2 percent. D) 1 percent.
What is "asymmetric information"?
What will be an ideal response?
Which of the following production functions exhibits constant returns to scale?
A) q = KL B) q = KL0.5 C) q = K + L D) q = log(KL)
Suppose studies showed that only 15 percent of all teens wear their bike helmets while riding their bikes. If policymakers wish to have more teens wear their bike helmets, they should:
A. inform teens of the social norm. B. not inform teens of the social norm. C. Informing them of the social norm will have no impact on their individual situation. D. The statistic is likely to influence their personal decision, but it is impossible to predict in what way without more information.