The above figure shows the relationship between the Joneses' total consumption and total household income. The figure illustrates that the Joneses' total consumption varies
A) directly with their total household income.
B) independently of their total household income.
C) inversely with their total household income.
D) negatively with their income.
A
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In the long run, import quotas increase net exports
a. True b. False Indicate whether the statement is true or false
A straight—line production possibilities curve has
A) an increasing opportunity cost between the two goods. B) a decreasing opportunity cost between the two goods. C) a constant opportunity cost between the two goods. D) no opportunity cost between the two goods.
Which of the following combinations would constitute a vertical merger?
A. Samsung Electronics and Ford Motor Company B. General Motors and Bridgestone Tire Company C. Dell and Apple computer companies D. Yahoo! and Google Internet search engine companies
In the above figure, Jill's opportunity cost of producing 1 gallon of bottled water is ________ of soda
A) 4 gallons B) 1/4 of a gallon C) 1 gallon D) 1/2 of a gallon E) 2 gallons