When a person's income decreases, the slope of the individual's budget constraint stays the same because:
A. the relative prices of the goods haven't changed.
B. everything is relatively more expensive now.
C. everything is relatively less expensive now.
D. the prices of the goods change in the same proportion.
Answer: A
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Which of the following is not a determinant of the demand for a particular good?
a. the prices of related goods b. income c. tastes d. the prices of the inputs used to produce the good
Daryn is raking leaves to earn money for his university's economics club. In the first hour, he rakes 8 bags of leaves. In the second hour, he rakes 6 bags of leaves. If he earns $8 per hour, the value of the marginal product of the second hour of labor is $48
a. True b. False Indicate whether the statement is true or false
If real GDP is $1000 billion and the aggregate expenditure is $850 billion, then the change in inventories will be
A. $150 Billion B. $1,850 million. C. –$1,850 million. D. –$150 million.
Refer to the information provided in Figure 6.9 below to answer the question(s) that follow.
Figure 6.9Refer to Figure 6.9. The ________ video game rental has a marginal utility of zero.
A. first B. second C. third D. fourth