Indifference curves Study guides, Class notes & Summaries
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ECON 302 Exam 2 Questions With Correct Answers
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The law of diminishing marginal returns assumes that 
A. Additional inputs are added in smaller and smaller increments 
B. there is at least one fixed input 
C. All inputs are changed by the same percentage 
D. All inputs are held constant - Answer B 
 
If indifference curves cross, then 
A. Consumers minimize their satisfaction 
B. The assumption of a demising marginal rate of substitution is violated 
C. The assumption of completeness is violated 
D. The assumption of transivity is violated 
E...
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Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor | Complete All Chapters 2023-2024
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Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor | Complete All Chapters . Which of the following is NOT a reason why countries trade goods with one another? 
A) differences in technology used in different countries 
B) differences in countries' total amount of resources 
C) the proximity of countries to one another 
D) differences in countries' languages and cultures 
2. David Ricardo's model explains trade based on: 
A) labor supply. 
B) technolo...
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C211 OA TEST QUESTIONS WITH VERIFIED CORRECT ANSWERS
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view that claims phenomenon of globalization was initially driven by the desire of Western economies to exploit their power through MNE's 
new 
 
 
 
view that claims globalization is a long-run historical evolution since the dawn of humanity. Says it is nothing new and that it will always exist 
evolutionary 
 
 
 
view that claims globalization is swinging from one extreme to another from time to time 
pendulum 
 
 
 
investment in, controlling, and managing value-added activities in other co...
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Econ 315 Exam 2 Complete Questions And Answers With Verified Solutions
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Econ 315 Exam 2 Complete Questions And Answers With Verified Solutions 
 An increase in the wage rate when the substitution effect dominated will labor force participation and hours of work increase, increase 
 
Indifference curves drawn with leisure and income on the axes have negative slopes because people are willing to give up income to obtain more leisure and vice versa 
 
An increase in non labor income due to a rise in the value of stocks and bonds will cause a pure income effect 
 
If a ...
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WGU C211 EXAM STUDY GUIDE QUESTIONS FULLY SOLVED WITH ALL ANSWERS VERIFIED FOR ACCURACY
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Deadweight Cost 
Net losses that occurs in an economy as a result of tariffs 
 
 
 
Purchasing Power Parity (PPP) 
A conversion that determines the equivalent amount of goods and services different currencies can purchase. An adjustment to reflect the differences in the cost of living in various countries 
 
 
 
Triad 
North America, Western Europe, and Japan 
 
 
 
Resource Based View 
An organization's resources and capabilities, NOT external conditions, should be the basis for strategic deci...
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WGU - C211 Global Economics for Managers test questions and answers.
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Explain the New, Evolutionary, and Pendulum views of Globalization. How do these differ from one another? 
New globalization is a new force sweeping through the world in recent times. Pendulum globalization is a pendulum that swings from one extreme to the the other from time to time. Evolutionary globalization is a long historical evolution since the dawn of human history. 
 
 
 
What is Foreign Direct Investment? 
Investment in controlling and managing value-added activities in other countries...
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AGEC Final Exam 2022/2023 with 100% correct answers
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Which of the following is not a property of an indifference curve? 
 
Convex to the origin 
Concave to the origin 
Downward sloping to the right 
Cannot intersect with other indifference curves 
Utility is maximized where the indifference curve is tangent to the budget line 
Concave to the origin 
 
 
 
The point where the indifference curve and the budget line are tangent is where consumers maximize their utility given their budget constraint 
 
True 
False 
True 
 
 
 
An indifference curve id...
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WGU C211 - Competency 3 questions and answers |graded A+
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WGU C211 - Competency 3 questions and answers |graded A+ 
Four properties of an indifference curve 
(1) Higher indifference curves are preferred to lower ones. People usually prefer to consume more goods rather than less. 
(2) Indifference curves are downward sloping. The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for the other. 
(3) Indifference curves do not cross. 
(4) Indifference curves are bowed inward. The slope of an indiffere...
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ECS2601 EXAM PACK 2023
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SUGGESTED SOLUTIONS FOR MAY/JUNE 2015 
QUESTION 1 
1a. Consider the following baskets of goods: 
A 
B 
C 
If preferences satisfy all requirements, is A preferred to C or C to A? Explain your answer. 
Basket A has more food than basket C. 
Basket C has more clothing than basket A. 
Therefore, basket A and C cannot be compared without additional information. 
1b. An island economy produces only two goods – coconuts and pineapples. There are five 
people (A, B, C, D and E) living on the island, w...
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Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor Complete All Chapters 2024
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Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor Complete All Chapters 2024. Which of the following is NOT a reason why countries trade goods with one another? 
A) differences in technology used in different countries 
B) differences in countries' total amount of resources 
C) the proximity of countries to one another 
D) differences in countries' languages and cultures 
2. David Ricardo's model explains trade based on: 
A) labor supply. 
B) technol...
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