The slope of an indifference curve is equal to the ratio of the ____ of the good on the horizontal axis to the ____ of the good on the vertical axis
a. marginal product (MP); total value (TV)
b. marginal utility (MU); marginal utility (MU)
c. price (P); price (P)
d. total utility (TU); price (P)
b
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Describe the potential negative effects of an additional tax on the sale of all-terrain vehicles (ATVs) within the United States
What will be an ideal response?
Suppose that the "Millennial" generation values leisure more than past generations. We can expect a decrease in the labor supply as the Millennials enter their prime working ages
a. True b. False Indicate whether the statement is true or false
The economy suffers an adverse supply shock. As a result, in the short run Real GDP will __________ and the price level will __________
A) rise; rise B) fall; fall C) fall; remain constant D) fall; rise E) rise; fall
Which of the following sequences leads to a shortage of gasoline?
a. Gas price is fixed at PC; S1 shifts to S2; a gap develops between QS and QD.
b. Gas price is fixed at PC; a gap develops between QS and QD; S1 shifts to S2.
c. S1 shifts to S2; gas price is fixed at PC; a gap develops between QS and QD.
d. S1 shifts to S2; a gap develops between QS and QD; gas price is fixed at PC.