The absolute value of the slope of the production possibilities curve is the
A. marginal rate of substitution.
B. contract curve.
C. offer curve.
D. Engel curve.
E. marginal rate of transformation.
E. marginal rate of transformation.
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If a good is offered to you free of charge, then you
a. never stop consuming it b. stop consuming it when its marginal utility begins to fall c. stop consuming it when its marginal utility begins to increase d. stop consuming it when its marginal utility equals 0 e. stop consuming it when its total utility equals 0
Betty goes out to enjoy a bouffe with her friend instead of practicing calculus problems for her maths examination that is due the following day. This implies that the opportunity cost of the bouffe to Betty is zero
a. True b. False Indicate whether the statement is true or false
It is ____ to identify an asset bubble before it bursts ____ to identify an asset bubble after it bursts
a. simple; and also simple b. simple; but difficult c. difficult; but simple d. difficult; and also difficult
_____ refers to the ways in which a change in the price of a good alters the effective buying power of one's income
a. Wealth effect b. Alternative effect c. Income effect d. Substitution effect