Your college has three meal plans. One is for 21 meals a week, another for 14 and a third offers only 7. You don't know the price yet but you are certain the 21 would be best. However, your second choice would be to take only the 7 meal plan and if you had to pick a third choice it would be the 14 meal plan. This preference pattern doesn't fit the indifference curve assumption of
A. convexity.
B. completeness.
C. transitivity.
D. none of these because it does not violate any of the assumptions.
Answer: C
Economics
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Critics of Douglass North's "market opportunity response" model suggest that surges in land sales in the Old Northwest in the 1810s, 1830s and 1850s were due to
a. improved transportation between the Old Northwest and the Northeast. b. rising prices for hogs. c. a reduction of British interference. d. pervasive land speculation.
Economics
Thomas Malthus believed that in the long run, the growth rates of real GDP would not exceed population growth
a. True b. False Indicate whether the statement is true or false
Economics