A consumer may increase her saving by
A) working more hours and consuming more goods in the present period.
B) working more hours and consuming fewer goods in the present period.
C) working fewer hours and consuming more goods in the present period.
D) working fewer hours and consuming fewer goods in the present period.
B
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The spreading of fixed costs over more output explains why the long-run average cost falls as output rises
a. True b. False
For this question, assume that the aggregate production function is represented by Y = AN. Which of the following represents the price setting relation for this economy?
A) (1 + m)A B) (1 + m)A/W C) (1 + m)W D) W/A E) none of the above
It should not be surprising if the public sector fails to pay for the right amount or right kinds of basic research because
a. basic research is not a public good. b. the benefits of basic research are hard to measure. c. members of Congress usually have little expertise in science. d. Both b and c are correct.
Refer to Figure 5.1. In which graph does a shift from BL1 to BL2 represent an increase in the consumer's income?
A. A
B. B
C. C
D. D