Which of the following statements is true?
a. The money price is usually the same as the time price for most consumers.
b. The money price of a good is always greater than the time price.
c. The money price is always greater for high-wage earners than for low-wage earners.
d. The time price is usually less for low-wage earners than for high-wage earners.
e. The time price of a good is directly proportional to the money price.
D
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If in the economy, business saving equals $300 billion, household saving equals $10 billion and government saving equals -$200 billion, what is the value of national saving?
A. $210 billion B. $310 billion C. $110 billion D. $10 billion
When tastes are quasilinear in leisure, the labor supply curve is vertical.
Answer the following statement true (T) or false (F)
Which of the following factors important in determining our standard of living are not reflected in the Gross Domestic Product?
A. The value of leisure, the quality of our environment, improvements in products quality. B. The value of our imports and exports, the value of leisure. C. The value of our imports, the improvements in product quality.
An indifference curve is drawn on a graph with good X on the horizontal axis and good Y on the vertical axis. One point on the curve is X = 5, Y = 5. Which of the following points CANNOT also be on the curve?
A. X = 9, Y = 4 B. d. X = 2, Y = 11 C. X = 6, Y = 4 D. X = 6, Y = 6