When indifference curves are bowed in toward the origin,
a. consumers are less inclined to trade away goods they are lacking.
b. consumers' willingness to trade away goods they have in abundance diminishes.
c. an increase in income will shift the indifference curve away from the origin.
d. a decrease in income will shift the indifference curve toward the origin.
a
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The goal of endogenous growth theory is to explain ________
A) supply and demand in individual markets B) the causes of technological advance C) the business cycle D) the relationship between economic growth and the rates of inflation and unemployment
Refer to Figure 12.5. If exchange rates are floating, an expansionary monetary policy would best be represented by a movement from ________ in panel (a) and a corresponding movement from ________ in panel (b)
A) point A to point B; point X to point Y B) point C to point A; point X to point Y C) point D to point C; point Y to point X D) point B to point D; point Y to point X