Question 9) ListenThe negative slope of the budget line (or production possibilities curve) has a specialmeaning in economics. Which of the following does not indicate the negative slopecorrectly?1) Consumers must make trade-offs in their consumption decisions.2)There is an inverse relationship between the amount of one good and that ofthe other.3) Positive slopes are always preferred to negative slopes.4) To get more of one good, we must give up with less of the other good.Question 10 () ListenWhich of the following is a macroeconomic statement?1) The price of farmland in the U.S. increased by 30 percent in 2011 to 2012.2)Thegross domestic product in the first quarter of 2014 decreased from theprevious quarter.3) General Motors' profits increased lastyear.4) The productivity of steelworkers increased by 1 percent last year.

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The negative slope of the budget line (or production possibilities curve) has a special meaning in economics. Which of the following does not indicate the negative slope correctly? 1) Consumers must make trade-offs in their consumption decisions. 2) There is an inverse relationship between the amount of one good and that of the other. 3) Positive slopes are always preferred to negative slopes. O 4) To get more of one good, we must give up with less of the other good.

The negative slope of the budget line (or production possibilities curve) has a special meaning in economics. Which of the following does not indicate the negative slope correctly? 1) Consumers must make trade-offs in their consumption decisions. 2) There is an inverse relationship between the amount of one good and that of the other. 3) Positive slopes are always preferred to negative slopes. O 4) To get more of one good, we must give up with less of the other good.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.12P

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