Each point along an indifference curve represents the same level of total utility for a consumer
a. True
b. False
Indicate whether the statement is true or false
True
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A consumer might consider in-line skates and elbow-pads to be
A) products with upward sloping demand curves. B) unrelated goods. C) complements. D) substitutes.
In order to avoid congressional action in the United States, in the early 1980s the Japanese resorted to:
a. infant industry protection. b. dumping of automobiles. c. voluntary export restraint (VER). d. price discrimination.
Interest rates are higher the
A) shorter the duration of the loan. B) greater the risk. C) larger the amount of the loan, holding other things constant. D) lower the inflation rate.
Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. Which of the following will shift an economy's production possibility frontier from ppf1 to ppf2?
A. an increase in the economy's capital stock B. an increase in production efficiency C. a change in consumers' tastes D. a decrease in unemployment