Production costs for a given output will be minimized when the
a. budget line and the product indifference curve meet in the vertical axis.
b. budget line crosses the product indifference curve.
c. budget line begins to bend back on itself.
d. product indifference curve and the budget line are tangent.
d
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A retired worker receives a pension that is not indexed to inflation. Which of the following will happen if the rate of inflation rises?
A) The retiree's purchasing power will fall. B) The shareholders of the firm in which he worked will lose. C) The retiree's purchasing power will increase. D) The retiree will be better off.
Andrew is unfamiliar with any of the candidates positions, so he rolls a dice to decide who to vote for in the governor's election. This is an example of naive voting
Indicate whether the statement is true or false