Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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In contrast to the United States, countries like Japan and Germany have
a. higher rates of saving and investment. b. higher rates of saving but lower rates of investment. c. lower rates of saving but higher rates of investment. d. lower rates of saving and investment.
Answer the following statements true (T) or false (F)
1. A parallel shift in a budget line is caused by changes in a consumer's level of satisfaction. 2. A change in the relative prices for two goods can be shown as a parallel shift in a consumer's budget line. 3. Indifference curves are convex to the origin due to diminishing marginal rates of substitution. 4. Indifference curves and budget lines can be used to derive an individual's demand curve for a product.