Which of the following shows the combinations of goods or services that a person can purchase?
A. Budget line
B. Indifference curve
C. Production possibility line
D. Demand line
Answer: A
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What is the definition of the unemployment rate? How are part-time workers and discouraged workers treated when calculating the unemployment rate?
What will be an ideal response?
Describe the differences between tradeoffs and free lunches in terms of a PPF
What will be an ideal response?
Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $95 dollars, total consumer surplus will be
A) $0. B) $35. C) $80. D) $95.
Which one of the following is a characteristic of capitalism but not of communism?
a. private property. b. wage payments. c. technological development. d. use of capital equipment.