Indifference curve analysis is based on numerical measurement of utility
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose real GDP for a country is $13 trillion in 2015, $14 trillion in 2016, $15 trillion in 2017, and $16 trillion in 2018. Over this time period, the real GDP growth rate is
A) increasing. B) decreasing. C) constant. D) negative.
Which of the following countries is not a member of the European Union?
A) Portugal B) Switzerland C) Slovakia D) Malta
Cartels are thought to be inherently unstable because: a. the costs of enforcing cartel agreements are very low
b. each cartel member can privately profit from increasing production beyond agreed-upon levels. c. customers force cartel members to increase production and reduce prices. d. cartel agreements are legally binding and can be upheld in court.
Economists blame the long lines at gasoline stations in the U.S. in the 1970s on
a. U.S. government regulations pertaining to the price of gasoline. b. the Organization of Petroleum Exporting Countries (OPEC). c. major oil companies operating in the U.S. d. consumers who bought gasoline frequently, even when their cars' gasoline tanks were nearly full.