Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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There is concern among economists who favor free trade that some regional agreements may promise free trade, but actually act as a way for the countries within the regional agreement to try to ________ trade from anywhere else.
a. support b. encourage c. eliminate d. limit
Why might the consumer price index overestimate the cost of health care?
a. The quality of healthcare is declining. b. The quality of healthcare is improving. c. The quality of healthcare is constant. d. The quality of health care is unmeasurable.
If you were trying to explain and predict someone’s behavior, economists would say you should find out ______.
a. what their incentives are b. how much money they make c. where they went to school d. who their relatives are
The relationship between the MPS and the MPC is such that:
a. MPC - MPS = 1 b. MPS/MPC = 1 c. MPS + MPC = 1 d. 1 - MPC = MPS