Refer to the graphs shown, which show indifference curve analysis with the associated demand curves.
An increase in the price of Y most likely would cause a rational consumer to move from point:
A. H to point I.
B. B to point A.
C. C to point B.
D. F to point D.
Answer: C
Economics
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A) slope of the labor supply curve. B) tax rate. C) wage rate. D) slope of the labor demand curve.
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The relationship between real GDP and potential GDP is that
A) real GDP always equals potential GDP. B) real GDP never equals potential GDP. C) real GDP fluctuates about potential GDP. D) real GDP is always below potential GDP.
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In a closed economy, national saving equals
A) C + I + G. B) Y - C - G. C) Y - C - I. D) Y - G - I.
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A fundamental principle of economics is that every choice has a(n) _____________ cost.
a. established b. variable c. fixed d. opportunity
Economics