On a graph we draw indifference curves to illustrate Steven's preferences for steak and broccoli. If two of Steven's indifference curves cross, then it cannot be the case that Steven
a. regards steak and broccoli as complements.
b. spends more of his income on steak than on broccoli.
c. likes steak and likes broccoli.
d. always prefers more steak to less steak and more broccoli to less broccoli.
d
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The consumption function is the relationship between ________, other things remaining the same
A) consumption expenditure and net taxes B) net taxes and disposable income C) consumption expenditure and the price level D) consumption expenditure and disposable income E) consumption expenditure and saving
The optimal combination of goods for a consumer to purchase is shown by
A. any intersection of the indifference curve and the budget line. B. the point where the budget line touches the vertical axis. C. a point of tangency between the budget line and the indifference curve. D. the point at which the indifference curve parallels the horizontal axis. E. the intersection of two indifference curves.
By the summer of 2008, about what percent of subprime mortgages were overdue by at least 30 days?
A) 10% B) 25% C) 34% D) 50%
Economists can objectively evaluate the desirability of the distribution of income.
Answer the following statement true (T) or false (F)