Which of the following is not a necessary characteristic of money?
A. Available in unlimited supply
B. Divisible
C. Durable
D. Difficult to counterfeit
Answer: A
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Joshua consumes only apples and bread and is in consumer equilibrium. Joshua reads that eating bread is healthy, so his total utility from each loaf of bread increases. At his new consumer equilibrium Joshua would consume
A) more apples and less bread. B) fewer apples and more bread. C) some combination of apples and bread corresponding to a lower ratio of the marginal utility of bread to the marginal utility of apples. D) the same quantity of apples and the same quantity of bread.
With respect to the labor supply curve, the income effect
A) reinforces the substitution effect. B) lowers the opportunity cost of labor. C) raises the opportunity cost of labor. D) influences a person to work less as the wage rate increases.
Explain why the average total cost curve and the average variable cost curve get closer to each other as output expands
What will be an ideal response?
The less bowed the Lorenz Curve, the
A. less equal the income distribution. B. more equal the income distribution. C. greater the number of high-income people. D. greater the number of low-income people.