The slope of the utility of wealth curve of a risk-averse person
A) increases as wealth increases.
B) decreases as wealth increases.
C) is constant.
D) is negative.
B
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The quality change bias is most likely to put ________ into the CPI and so ________ the inflation rate
A) a downward bias; understate B) an upward bias; understate C) an upward bias; overstate D) a downward bias; overstate E) a random bias; randomly overstate or understate
A cost borne not by the producer but by other people is called ________ cost
A) an unregulated B) an external C) a consumer D) a non-production
Renters of rent-controlled apartments will likely benefit from both lower rents and higher quality of apartments
a. True b. False Indicate whether the statement is true or false
The model of aggregate demand and aggregate supply explains the relationship between
a. the price and quantity of a particular good. b. unemployment and output. c. wages and employment. d. real GDP and the price level.