Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If the price of burger increases, which of the following bundles are in Max's opportunity set?
A) b, d, e
B) d, e
C) a, b, c, d, e
D) None of the labeled points are in Max's opportunity set.
D
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Human beings are generally very good at accurately estimating probabilities
Indicate whether the statement is true or false
Members of the Board of Governors
A) must resign when the President who has appointed them leaves office. B) may serve no more than three consecutive four-year terms. C) serve for life or good behavior. D) serve one nonrenewable fourteen-year term.
If the real rate of return is 2 percent, and the inflation rate is 2 percent, then the nominal interest rate must be:
A. 4 percent. B. 2 percent. C. ?2 percent. D. ?4 percent.
To be valid, an economic model must
a. include every activity that occurs in the real world b. include every economic activity that occurs in the real world c. be useful in explaining cause-and-effect relationships in the real world d. exclude any link to the real world e. not be based on an abstraction of the real world