If Fred's marginal utility of pizza equals 10 and his marginal utility of salad equals 2, then we know that
A) his indifference curves are convex.
B) his indifference curves are L-shaped.
C) his indifference curves are linear.
D) his indifference curves are downward sloping.
D
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Those individuals 16 years of age and over who are working in a job or actively seeking employment are called:
A) the labor force. B) the employed. C) the unemployed. D) none of the above.
Refer to Figure 8.1. Holding other variables constant, an increase in the skill level of workers will result in a
A) shift from curve D1 to curve D2. B) shift from curve D2 to curve D1. C) movement from point A to point B. D) movement from point B to point A.
A competitive equilibrium has all of the following properties except
A) MPN = slope of PFF. B) MRS1,C = MRT1,C. C) MRT1,C = MPN. D) MPN = w.
The shape of the total-cost curve is unrelated to the shape of the production function
a. True b. False Indicate whether the statement is true or false