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What could be expected should government plan to apply an expansionary fiscal policy?
Petunia's Farm produces and sells milk. The market for milk is perfectly competitive. The market price of milk is $2.50 per gallon. The relationship between the farm's output and total costs is shown in the table above. Draw Petunia's average variable, average total, and marginal cost curves.
Why was Peru inflation targeting system successful?
How would an inflation targeting system help deal with effects of Brexit?
A firm’s short-run average cost curve is U-shaped. Which of these conclusions can be reached regarding the firm’s returns to scale ? 1) the firm experiences increasing returns to scale 2) the firm experiences increasing, constant and decreasing returns in that order 3) the firm experiences first decreasing, then increasing returns to scale 4) the short-run average cost curve reveals nothing regarding returns to scale 5) None of the above options provides a correct answer
Which of the following best explains why we cannot consider the return to scale of a production function in the short run? 1) production functions exhibit negative returns to scale in the short run 2) returns to scale determine the diminishing marginal returns of the inputs 3) returns to scale is a property of the consumer’s utility function in the short run 4) we cannot change all of the production inputs in the short run 5) the marginal rate of technical substitution is constant in the short run
Which of the following is true concerning the substitution effect of a decrease in price? 1) it will lead to an increase in consumption only for normal food 2) it will always lead to an increase in consumption 3) it will lead to an increase in consumption only for an inferior good 4) it will lead to an increase increase in consumption only for a Giffen good 5) it will lead to a decrease in consumption for a Giffen and inferior good
Consider two goods, apples and pears, available for consumption. Assume that the price of apples changes while the price of pears remains fixed. For these two goods, the price consumption curve illustrates: 1) relationship between price of X and consumption of Y 2) utility-maximizing combinations of X and Y for each price of X 3) relationship between the price of Y and consumption of X 4) utility-maximizing combinations of X and Y for each quantity of X 5) combinations of apples and pears that a consumer can afford to buy
Indifference curves are convex to the origin because of..... 1) transitivity of consumer preferences 2) assumption of diminishing MRS 3) assumption that more is preferred to less 4) assumption of completeness 5) none of the above options
A consumer prefers comedy movies to action movies, and prefers actions movies to reality shows. Therefore comedy is preferred to reality shows. The assumption that leads to this conclusion is: 1) transitivity 2) completeness 3) all goods are good 4) diminishing MRS 5) assumption of rationality
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