A curve that shows a set of consumption alternatives that give the same level of satisfaction is
A. an indifference curve.
B. a budget line.
C. an income curve.
D. a substitution curve.
Answer: A
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Inequality between countries, in terms of differences in their average national incomes, has been:
A. increasing over recent decades. B. decreasing over recent decades. C. decreasing since the 1930s. D. increasing since the 1930s.
The term "import" refers to:
a. a purchase of goods or services from another country. b. a business transaction between two or more domestic firms. c. a sale of goods or services to another nation. d. a tax on foreign merchandise. e. a trade agreement between two industrial countries.
Refer to the accompanying table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out?Units of ActivityTotal CostTotal Benefit0$0$01$30$1002$40$1603$60$1904$100$2105$150$2206$210$225
A. 6 B. 1 C. 4 D. 3
In the Keynesian model, if aggregate expenditures exceed aggregate output and inventories of firms fall, then the aggregate output and the business sector could be expected to:
A. increase output. B. decrease output. C. decrease investment. D. hire fewer workers.