Multiple Choice
In macroeconomic analysis, the representative consumer
A) is always a misleading fiction.
B) denotes the consumer with the average amount of income.
C) plays the role of a stand-in for all consumers in the economy.
D) is the consumer with an average standard of living.
E) is the consumer who bargains with firms for all workers in the economy.
Correct Answer:
Verified
Correct Answer:
Verified
Q52: The representative consumer acts competitively<br>A)when he or
Q53: In a one-period economy<br>A)consumption equals disposable income
Q54: Constant returns to scale means that,
Q55: With consumption on the vertical axis
Q56: A dynamic decision is one that<br>A)involved planning
Q58: The profit-maximizing quantity of labour equates the
Q59: Suppose Ford could triple production of Mustangs
Q60: A lump-sum tax is a tax that<br>A)distorts
Q61: A consumer is said to be indifferent
Q62: Convexity of the indifference curve follows from<br>A)the