Measuring "y" on the vertical axis and "x" on the horizontal axis, convexity of indifference curves imply that the magnitude of MRS of "y" for "x"
A) is decreasing as "x" increases.
B) is increasing as "x" increases.
C) is constant as "x" increases.
D) cannot be calculated for large levels of "x".
A
Economics
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Suppose y = Ak1/4, the capital-labor ratio is $40,000 per worker, the level of total factor productivity is 800, 70% of the population works, and there are 70 million workers. Real GDP per capita is
A) $3,500.00. B) $5,543.72. C) $7919.60. D) $9,899.50.
Economics
The primary reason people hold money is
a. to keep wealth in a less liquid form. b. to use it as a medium of exchange. c. to use it for investment. d. to earn interest.
Economics