"More is always preferred to less" refers to
A) choices between consumption and leisure.
B) choices between consumption and work.
C) choices between work and leisure.
D) choices between happiness and utility.
E) more consumption and less leisure.
Correct Answer:
Verified
Q1: For macroeconomic purposes, it is assumed that
Q2: The following question(s)deal with The Gizmo
Q4: In the production function,
Q5: The shape of the indifference curve depends
Q6: The marginal rate of substitution
A)can only be
Q7: Perfect substitutes will have
A)reverse L-shaped indifference curves.
B)curved
Q8: An economy without monetary exchange is called
A)a
Q9: We assume that the representative consumer's preferences
Q10: An increase in real dividend income minus
Q11: In a one-period economy
A)consumption equals disposable income
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