If the utility function (U) between bananas (B) and jam (J) can be represented as U(B,J) = 3ln(B)+4ln(J), what is the marginal rate of substitution (MRS) between bananas and jam?

If the indifference curves between two goods are L-shaped, the goods are

A) complementary goods. B) substitute goods. C) normal goods. D) inferior goods.

In sequential order, the four phases of the business cycle are

A) trough, peak, expansion, contraction. B) peak, contraction, trough, expansion. C) expansion, contraction, peak, trough. D) contraction, trough, peak, expansion.