A consumer will consume the combination of goods at the point of tangency between the budget line and the indifference curve
a. True
b. False
Indicate whether the statement is true or false
True
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If real GDP in Korea amounted to 448.3 trillion wons in 1999 and 473.7 trillion wons in 2000 . compute the growth experienced by this country in 2000?
a. 5.4% b. 5.66% c. 2.54% d. -1.05% e. -9.4%
The substitution effect of a wage decrease in the work-leisure model results in the worker choosing to
a. work less than before. b. work more than before. c. possibly work more or less than before. d. work more with a higher level of consumption.
If market demand increases and market supply decreases, the change in equilibrium price is unpredictable without first knowing the exact magnitudes of the demand and supply changes.
Answer the following statement true (T) or false (F)
Examples of command economies are:
A. the United States and Japan. B. Sweden and Norway. C. Mexico and Brazil. D. Cuba and North Korea.