A budget constraint represents the:
A) inequality in the incomes earned by various economic agents.
B) aggregate income earned by all the firms in an economy.
C) total money income that an agent earns in different time periods.
D) goods and services an economic agent can choose given her limited income.
D
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What two variables are determined in an aggregate supply-aggregate demand figure? Is the slope of the short-run aggregate supply curve positive or negative? Is the slope of the aggregate demand curve positive or negative?
What will be an ideal response?
When OPEC raises the price of petroleum, American expenditures on oil imports increase, suggesting that
a. the United States' elasticity of demand for imported oil is greater than one. b. the United States' elasticity of demand for imported oil is less than one. c. imported oil and domestically produced oil are complementary goods. d. the short-run elasticity of demand for oil is greater than the long-run elasticity.
How is it possible to have a separation between ownership and control of a major corporation? What specific type of market imperfection can cause this?
Given a linear curve, the value on the y-axis changes from 120 to 100 when the value on the x-axis changes from 5 to 10, then the slope of that curve is
A. -20. B. +4. C. -4. D. +20.