The equation is the
A) average propensity to consume.
B) average propensity to save.
C) marginal propensity to consume.
D) marginal propensity to save.
A
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If the isoquants are straight lines, then
A) inputs have fixed costs at all use rates. B) the marginal rate of technical substitution of inputs is constant. C) only one combination of inputs is possible. D) there are constant returns to scale.
A consumer's reservation price is the price at which a:
A. consumer prefers to purchase at the lowest observed price rather than to engage in another search. B. consumer is indifferent between searching again and purchasing at the lowest observed price. C. producer is indifferent between selling the product and not selling the product. D. consumer prefers to search rather than purchasing at the lowest observed price.
Why do free trade proponents dislike rules of origin in trade agreements?
A. It decreases the amount of international trade in the world. B. It decreases incentives for trade diversion. C. It increases the amount of international trade in the world. D. It increases incentives for trade deflection.
The area beneath a consumer's demand curve out to the quantity purchased represents
a. consumer's surplus. b. the region of mutual advantage. c. the total value of the consumer's purchases. d. the marginal value placed on the last unit consumed.