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In Chapter 5, we used a labor-leisure constraint line and various indifference curves to model consumer preferences between labor and leisure hours.  This model was analogous to indifference curves and budget constraints in Chapter 2.   What can we say about indifference curves in general?

If income elasticity of demand is +0.7, a 10% increase in income will ________, and this good is ________ good.

Table 2 – Market for disposable face masks (in wholesale cartons) Price    Quantity Demanded                Quantity Supplied 10                    100                                          500   8                    200                                          400   6                    300                                          300   4                    400                                          200   2                    500                                          100 In Table 2, the equilibrium price is ____ dollars per wholesale carton, and the equilibrium quantity is _____ cartons:

When productivity rises, wages tend to:

Match the below Constitutional Amendments with their correct descriptions.

Budget deficit occurs when:

Productivity equals:

Shortages cause price to:

Equilibrium occurs where:

Long-run growth driven by: