Which of the following is a property of typical indifference curves?
a. Indifference curves usually intersect.
b. Indifference curves have positive slopes.
c. Indifference curves are downward sloping and always linear.
d. Indifference curves are usually bowed in toward the origin.
d
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One reason the aggregate demand curve is downward sloping is because of the
A) interest rate effect. B) tariff effect. C) welfare effect. D) price effect.
Opportunity cost:
a. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity. b. represents the worst alternative sacrificed for a chosen alternative. c. represents all alternatives not chosen. d. represents the best alternative sacrificed for a chosen alternative.
The development of additive manufacturing technology (3-D printers) is expected to lower prices by doing which of the following?
A. Reducing the cost of producing blueprints for manufactured goods. B. Promoting greater economies of scale in manufacturing. C. Reducing the demand for manufactured goods. D. Reducing both large fixed set-up costs and transportation costs.
Which of the following is a determinant of supply?
A. Tastes and preferences B. Price of a complementary good C. Consumer income D. Product taxes and subsidies