Lisa views pizzas and burritos as goods. If she prefers a bundle of 4 burritos and 4 pizzas to a bundle of 4 burritos and 5 pizzas, which property of consumer preference is violated?
What change in the assumptions could lead a rational consumer to prefer the first bundle?
The property of more-is-better is violated. However, if pizza is a bad, then a rational consumer would prefer the first bundle.
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The table above gives data for the nation of Mosh. The MPC of the economy is
A) .75. B) 1. C) .90. D) .80. E) indeterminate with the information provided.
What is the most accurate description of skilled and unskilled workers if labor supply curves are not perfectly inelastic (perfectly vertical)?
a. If the two types are complements, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers. b. If the two types are substitutes, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers. c. If the two types are complements, then the increases in immigration during the late 1800s would have increased wages of skilled workers, decreased the number of skilled workers, and decreased the wages of unskilled workers.