AGEC Final Exam 2022/2023 with 100% correct answers

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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 Utili... ty is maximized where the indifference curve is tangent to the budget line Concave to the origin The point where the indifference curve and the budget line are tangent is where consumers maximize their utility given their budget constraint True False True An indifference curve identifies all combinations of all goods that gives us the same level of utility True False False As we move upward to the right from the origin from one indifference curve to the next, utility decreases True False False How many farms were there in Louisiana in 2017? 47,386 27,386 17,386 37,386 7,386 27,386 U.S. Gross National Product refers to the total value of goods and services produced only within the U.S. either by foreign or domestic resources True False False The income approach of calculating GDP sums up the value of all purchases or expenditures made by final consumers True False False The point where the indifference curve and the budget line are tangent represents the point where consumers maximize their utility given their budget constraint True False True Cross-price elasticity of demand measures The responsiveness of the quantity of a good demanded with changes in income The percent change in price when there is a percent change in quantity The responsiveness of quantity demanded to changes in price The percent change in the quantity demanded of good two when there is a change in the price of good one The percent change in the quantity demanded of good two when there is a change in the price of good one When population increases, which of the following is true for a demand curve, ceteris paribus? There is no shift in the demand curve You move upward along the demand curve You move downward along the demand curve The demand curve shifts to the right The demand curve shifts to the left The demand curve shifts to the right [Show More]

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