A movement upward along an upward-sloping Engel curve corresponds to
A) upward-sloping indifference curves.
B) crossing indifference curves.
C) a rotation in the budget constraint.
D) a parallel shift in the budget constraint.
D
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Refer to the table below. If the attorney reviews 53 patents, what is the expected marginal benefit of reviewing the 53rd patent?
The above table shows the quantity of patents reviewed by a firm's attorney and the corresponding probability that the firm will infringe on another firm's patent. The cost of infringement is $50,000.
A) -$20,000
B) $2,000
C) $20,000
D) -$2,000
Suppose a Russian economist told you that since the fall of communism, the Russian income distribution has shifted to perfect inequality, you would know then (no need to calculate), that the Russian Gini coefficient is
a. 1 b. 0 c. 10 d. -1 e. infinite
Figure 4-25
Refer to . The equilibrium price before the tax is imposed is
a.
P1.
b.
P2.
c.
P3.
d.
impossible to determine from the figure.
The value of the firm is the:
A. average value of all future profits. B. present discounted value of all future profits. C. current value of profits. D. total value of all future profits.