A professor spends 10 hours per day giving lectures and writing papers. For the professor, a graph that shows his various possible mixes of output (lectures given per day and papers written per day) is called his
a. line of tastes.
b. trade-off curve.
c. production possibilities frontier.
d. consumption possibilities frontier.
c
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The demand for a pack of gum is ______________ than is the demand for a steak because _______________.
A. less price elastic; a pack of gum requires a smaller portion of one's income. B. more price elastic; a pack of gum requires a smaller portion of one's income. C. less price elastic; a pack of gum is more of a luxury. D. more price elastic; a pack of gum is more of a luxury.
Contrary to popular belief, U.S. productivity growth did not actually improve in the mid 1990s despite the massive growth in technological innovation
a. True b. False Indicate whether the statement is true or false
The argument for greater equality of income distribution in the United States hinges on the idea that low-income earners would be more willing and able participants in the economy if income were distributed more equally.
Answer the following statement true (T) or false (F)
A key causal link in the interest-rate-based transmission mechanism for monetary policy is from
A. a monetary policy action to excess reserves. B. the money supply to excess reserves. C. real GDP to investment. D. investment to the interest rate.