Changes in the quality of some goods and services, such as electromechanical calculators, are thought to give a downward bias to the consumer price index
a. True
b. False
Indicate whether the statement is true or false
False
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Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity
a. True b. False Indicate whether the statement is true or false
Which of the following can be stated as potentially true about any economy?
a. Its future location on its production possibilities frontier has no bearing on its current decisions. b. Increased supplies of the factors of production will only affect its current location on its production possibilities frontier. c. Increased supplies of the factors of production will cause its future location to expand inward. d. Its current choice of positions on its production possibilities frontier helps determine its future location.
According to the World Bank, nearly 40 percent of the people on earth subsist on incomes of less than $3 per day.
Answer the following statement true (T) or false (F)
According to the law of diminishing marginal utility, the marginal utility curve is
A. vertical B. flat. C. upward sloping. D. downward sloping.