Think about indifference analysis. If a consumer is indifferent between 5 units of A and 8 units of B, then the consumer would
a. also be indifferent between 4 units of A and 9 units of B
b. also be indifferent between 8 units of A and 5 units of B
c. prefer 6 units of A and 8 units of B
d. give up 1 unit of A to acquire 2 units of B
e. not trade a unit of A for any units of product B
C
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Why doesn't the age-earning cycle continuously increase until retirement age?
What will be an ideal response?
Which of the following factors is least likely to affect what goods and services countries end up trading in the international market?
a. International trade tariffs b. Government debt levels c. Comparative advantages d. Differences in tastes e. Different technological needs
An unemployment rate of zero percent cannot be expected because
A) there are some people who do not want to work. B) there will always be discouraged workers. C) some portion of the labor force will always be between jobs. D) cyclical unemployment will always exist.
In general, as wages go up:
A. people are willing to work less. B. the opportunity cost of leisure goes down. C. people will always work more. D. the opportunity cost of leisure goes up.