If the marginal social benefit exceeds the marginal social cost of producing the next kilowatt hour of electricity, then it is efficient to produce as many kilowatt hours as possible
Indicate whether the statement is true or false
FALSE
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In the long run, the nominal interest rate is
A) negatively related to the inflation rate. B) positively related to the inflation rate. C) negatively related to the price level. D) positively related to the price level. E) not related to the price level or the inflation rate.
The lower the price of the good measured on the vertical axis, other thing remaining the same, the flatter the budget line
Indicate whether the statement is true or false
In 2015, Peelville consumed 30,000 bananas. In 2016, banana consumption rose to 35,000. Calculate the percentage change in banana consumption
A) 11.66% B) 14.28% C) 16.67% D) 22.25%
Richard's indifference curve for two goods (bread and butter) is L-shaped, whereas Kate's indifference curve for the same two goods is convex. We can infer that _____
a. Kate considers bread and butter to be perfect substitutes b. Kate considers bread and butter to be perfect complements c. Richard considers bread and butter to be perfect substitutes d. Richard considers bread and butter to be perfect complements