Refer to Budget Lines. If the consumer purchased basket D last year and basket A this year,
a. They are definitely better off this year than last year.
b. They were definitely better off last year than this year.
c. They could be equally well off in the two years.
d. It is impossible to tell wether they are better or worse off, even if we knew the person's preferences.
c. They could be equally well off in the two years.
You might also like to view...
Place point A on the graph to indicate where the United States economy operated in 1938.
The Morrill Act of 1862 established
a. local chapters of the organization that later became known as "Future Farm Leaders of America.". b. state-run agricultural experiment stations. c. "land-grant" colleges that provided agricultural education and research. d. funding for high-school vocational training.
Licensing laws
a. are illegal in most industries b. serve to increase wage rates in some industries c. lead to higher employment levels in some industries d. reduce the quality of labor in a particular market e. are rarely effective at increasing wage rates
If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible
A) marginal B) explicit C) opportunity D) implicit