Figure 5-6
A shift in the budget line in Figure 5-6 from AB to AC indicates
a.
the price of wine coolers has risen.
b.
income has increased.
c.
the price of beer has fallen.
d.
the price of wine coolers has fallen.
e.
All of the above are correct.
d
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When insurance companies offer fair insurance,
A) risk-averse agents always purchase it. B) risk-neutral agents never purchase it. C) risk-loving agents always purchase it. D) nobody would purchase fair insurance.
Cyclical unemployment
a. is caused by changes in the business cycle. b. results from imperfect search activities in matching qualified employees with employers. c. results from institutional factors that make it difficult for some workers to find jobs. d. will probably go up as a result of improvements in online job searching.
Which of the following best describes a nation's Gross Domestic Product?
A. the total market value of all final goods and services produced in the economy during a year B. the market value of all goods and services produced in the economy, including intermediate goods C. the market value of all goods and services less depreciation D. the constant dollar value of all goods produced in the economy during a year period
Refer to Figure 7.3. Suppose a firm moves along the isoquant from point a to point b. The rate of substitution for labor with capital is:
A. 2.
B. -2.
C. ½.
D. -½.