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Some examples from this set of practice questions
1.
A concave feasible fronier has:
Answer: Increasing marginal rate of transformation
2.
An individuals optimal choice will always lie on the
Answer: Feasible frontier
3.
Oppurtunity costs can be best defined as
Answer: unavoidable tradeoffs in the presence of scarcity
4.
The feasible frontier can be best defined as;
Answer: the maximum feasible quantity of one good for a given quantity of another
5.
The substitution effect can be best defined as
Answer: the effect that is only due to changes in the price or oppurtunity cost, given a new level of utility.
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