Indifference curve - Study guides, Class notes & Summaries
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Economics || Already Passed.
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indifference curve correct answers the varying combined amounts of two commodities that a household would find equally satisfactory (10 units of peanut butter and 15 units of jelly and sandwich is just as tasty as with 10 units of jelly, you have located one point on the indifference curve) 
 
laissez-faire correct answers an economy free from Governmental intervention, which the forces of the marketplace are allowed to operate freely and purely 
 
Market failure correct answers The excuse that ...
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WGU C211 Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update) Grade A
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WGU C211 Global Economics for Managers 
Exam | Questions and Verified Answers| 
100% Correct (New 2023/ 2024 Update) Grade A 
 
QUESTION 
 
What is a property right? 
 
 
Answer: 
The legal rights to use an economic property (resource) and to derive income and benefits from 
it. 
 
 
 
QUESTION 
What is an intellectual property right? 
 
 
Answer: 
Rights associated with the ownership of intellectual property. 
 
 
 
QUESTION 
command economy 
 
 
Answer: 
An economy that is characterized ...
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WGU C211 Objective Assessment Global Economics for Managers Exam Prep| Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update)
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WGU C211 Objective Assessment Global 
Economics for Managers Exam Prep| 
Questions and Verified Answers| 100% 
Correct (New 2023/ 2024 Update) 
 
QUESTION 
factors of production should be government owned or state owned and all supply, demand and 
pricing are planned by the government 
 
 
Answer: 
command 
 
 
 
QUESTION 
the economic system of most countries 
 
 
Answer: 
mixed economy 
 
 
 
QUESTION 
a curve that represents a consumers preferences 
 
 
Answer: 
indifference curve 
 
 ...
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ECS2604 EXAM PACK 2023
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7.5 Assignments 
7.5.1 First semester assignments 
SEMESTER 1 
ASSIGNMENT 01/2018 
CLOSING DATE: 02 March 2018 
UNIQUE NUMBER: 
WEIGHT: 40% of semester mark 
TL501: Learning units 1 – 4 
Prescribed Book: Chapters 1 – 4 
This assignment contributes 40% towards your semester mark. 
Please ensure that this assignment reaches the University before the due date. 
Answer all the questions on a mark-reading sheet or on myUnisa. 
IMPORTANT! The first ten multiple choice questions of thi...
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EC325 MT || with 100% Error-free Solutions.
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Marginal Utility definition correct answers The incremental utility gained by an additional unit of consumption, holding all else equal 
 
Marginal Rate of Substitution correct answers the rate at which a consumer is willing to give up some amount of one good in exchange for another, while maintaining the same utility 
 
Indifference Curve correct answers shows the set of consumption bundles form which consumers obtain the same level of utility 
 
Assumptions of utility functions correct answers...
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AGEC Final UPDATED Actual Exam Questions and CORRECT Answers
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AGEC Final UPDATED Actual Exam 
Questions and CORRECT Answers 
Which of the following is not a property of an indifference curve? 
Convex to the origin 
Concave to the origin 
Downward sloping to the right 
Cannot intersect with other indifference curves 
Utility is maximized where the indifference curve is tangent to the budget line - CORRECT 
ANSWER- Concave to the origin
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EC270 UPDATED Questions and CORRECT Answers
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Charlie has the utility function U(xA, xB) = xAxB. His indifference curve passing through 6 
apples and 16 bananas will also pass through the point where he consumes 2 apples and: 
a. 12 bananas 
b. 24 bananas 
c. 50 bananas 
d. 54 bananas 
e. 48 bananase. 48 bananas
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2024 Duquesne University Int. Microeconomics Review Terms Complete Questions And Answers
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Market Surplus - The dollar equivalent of the total benefit generated by a market. 
Market Surplus - Consumer surplus + producer surplus 
Price Ratio - The ratio at which one product can be exchanged for another such that the total cost 
of the two products together remains constant. 
Consumer surplus - An additional amount of money that consumers were willing to pay for a 
given quantity of product but which they did not pay. Consumer surplus is the dollar equivalent of 
consumer's utilities f...
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EC1A3 || with 100% Error-free Answers.
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Primitives correct answers These do not change through analysis and include the DM / set of alternatives / preference 
 
Transitivity correct answers A>B, B>C, A>C - being clear and logical in your choices 
 
Marginal Product of Labour correct answers the increase in the amount of output from an additional unit of labour 
 
Marginal Product of Capital correct answers the increase in output caused by the addition of one more unit of capital. 
 
What are isoquants? correct answers Are a w...
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AEC 3133 EXAM 1 Questions and Answers | New One | Grade A+
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Scarcity 
Ans: A situation in which unlimited wants exceed the limited resources available to fulfill 
those wants 
Cost-Benefit Principle 
Ans: take an action if and only if the additional benefits from doing it or at least as great as 
the extra cost of doing it 
incentives 
Ans: a positive or negative environmental stimulus that motivates behavior 
indifference curve 
Ans: a curve that shows consumption bundles that give the consumer the same level of 
satisfaction 
Transaction price + Tra...
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