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1. Which of the following is not an assumption of the theory of consumer behavior described in this chapter?
A. The consumer has make decisions within a given budget constraint
B. The consumer experiences diminishing marginal utility from consuming goods
C. The consumer's tastes and preferences continually change within the period studied
D. The consumer aims to get maximum total utility out of a given budget
2. In deciding what to buy, the consumer will choose the good with the:
A. Highest marginal utility
B. Lowest price
C. Highest marginal utility-to-price ratio
D. Lowest marginal utility-to-price ratio
Suppose that capital per hour of work grows by 3 percent and technology grows by 1 percent over a one year interval. What is the growth rate of real GDP per hour of work? Show the formula and all work. To understand what causes productivity growth, w..
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Indifference curves
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Illustrate what mistakes did policymakers make that have kept developing nations from growing more quickly.
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I have noticed that politicians continue to advocate an increase in the minimum wage. Politics and political manoeuvring aside, is there an economic reason as to why a higher minimum wage would benefit the economy?
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