A risk-averse person has
a. utility and marginal utility curves that slope upward.
b. utility and marginal utility curves that slope downward.
c. a utility curve that slopes down and a marginal utility curve that slopes upward.
d. a utility curve that slopes upward and a marginal utility curve that slopes downward.
d
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Explain why the expenditure multiplier is greater than 1
What will be an ideal response?
The market demand curve for a popular teen magazine is given by Q = 80 - 10P where P is the magazine price in dollars per issue and Q is the weekly magazine circulation in units of 10,000
If the circulation is 400,000 per week at the current price, what is the consumer surplus for a teen reader with maximum willingness to pay of $3 per issue? A) $2.00 B) $1.00 C) Zero D) -$1.00
Early attempts to establish paper money were hampered by:
a. counterfeiting. b. constitutional prohibition against states issuing paper money. c. currency valuations that varied from city to city. d. All of the above are correct. e. Only a and c are correct.
If prices are rising on average, then
A) real GDP will always be equal to nominal GDP. B) real GDP will be greater than nominal GDP in the years after the base year. C) real GDP will be less than nominal GDP in the years before the base year. D) real GDP will be greater than nominal GDP in the years before the base year.