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Author Question: The production possibilities curve of a low income country lies outside the production possibilities ... (Read 74 times)

swpotter12

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on: Jun 30, 2018
The production possibilities curve of a low income country lies outside the production possibilities curve of a high income country.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

An individual consumes only hamburgers and milkshakes. The last hamburger consumed yields 25 utils of satisfaction, while the last milkshake consumed yields 10 utils of satisfaction. If the price of a hamburger is 2.50 and the price of a milkshake is 1.50, we can conclude that:
 a. the consumer should consume more hamburgers and fewer milkshakes.
  b. the consumer should consume more milkshakes and fewer hamburgers.
  c. the consumer has achieved consumer equilibrium.
 d. the consumer should buy only milkshakes.


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Jayson

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Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

a


swpotter12

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Reply #2 on: Jun 30, 2018
Thank you :)


Jayson

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Reply #3 on: Jun 30, 2018
Happy to help you


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