Leisure-Consumption indifference curves
a. slope upward and are concave.
b. slope upward and are convex.
c. slope downward and are concave.
d. slope downward and are convex.
b. slope upward and are convex.
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Describe the situation in the market for a good or service that the United States exports
What will be an ideal response?
Consider two goods, X and Y, where X is measured on the horizontal axis and Y is measured on the vertical axis. All else constant, a decrease in the price of X will cause the consumer's budget constraint to:
A) rotate in along the X axis B) rotate out along the X axis. C) shift out parallel to the original budget constraint. D) shift in parallel to the original budget constraint.
The view that expectations change relatively slowly over time in response to new information is known in economics as
A) rational expectations. B) irrational expectations. C) slow-response expectations. D) adaptive expectations.
Insolvency is a condition where a firm's
A) liabilities are greater than assets. B) assets are greater than liabilities. C) assets are equal to liabilities. D) liabilities are less than or equal to assets.