If two goods are perfect substitutes, then the indifference curves for those two goods would be
A) upward sloping and concave to the origin.
B) downward sloping and convex to the origin.
C) downward sloping and straight.
D) L-shaped.
C
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If two countries are economically identical except that citizens in one country have more leisure time, then the level of GDP:
A. will be the same in both countries. B. will be higher in the country with more leisure time. C. will be higher in the country with less leisure time. D. will be greater than the level of economic well being in each country.
Why do many economists believe that money affects output? What is the empirical evidence in support of that belief?
What will be an ideal response?
Economic profit equals gross earnings minus the firm’s direct costs.
Answer the following statement true (T) or false (F)
Which is the second stage of Maslow's hierarchy of needs?
a. self-actualization b. esteem needs c. safety needs d. physical needs