With an increase in income, we can predict that a consumer will choose a new market basket
a. on a lower indifference curve.
b. on the same indifference curve but the new budget line.
c. on a higher indifference curve that passes through the new budget line.
d. on a higher indifference curve that is tangent to the new budget line
d. on a higher indifference curve that is tangent to the new budget line
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Private costs
A) are borne by the producers of a good or service while social costs are borne by government. B) are borne by consumers of a good while social costs are borne by government. C) are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good. D) are borne by producers of a good while social costs are borne by society at large.
What are the differences between the federal debt, the budget deficit, and the primary budget deficit?
What will be an ideal response?
As a nation's average education level increases, the nation's level of productivity
A. Decreases, and the nation moves to a new point on the same production possibilities curve. B. Increases, and the production possibilities curve shifts to the right. C. Increases, and the nation moves to a new point on the same production possibilities curve. D. Decreases, and the nation's production possibilities curve shifts to the left.
If the demand for steak (a normal good) shifts to the left, the most likely reason is that
What will be an ideal response?