Which of the following is NOT a property of isoquants?
A. Isoquants curves are thin.
B. Isoquants may slope upward or downward.
C. Isoquants for the same technology never cross.
D. Higher-level isoquants lie farther from the origin.
B. Isoquants may slope upward or downward.
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The GDP deflator for years subsequent to the base year measures the change in
a. nominal GDP from the base year that cannot be attributable to a change in real GDP. b. real GDP from the base year that cannot be attributable to a change in nominal GDP. c. nominal GDP from the base year that cannot be attributable to a change in prices. d. real GDP from the base year that cannot be attributable to a change in prices.
Two products are substitutes if:
A. an increase in the price of one causes buyers to demand less of the other. B. an increase in the price of one causes buyers to demand more of the other. C. a decrease in the price of one causes buyers to demand more of the other. D. individuals consume the goods together.