Which of the following shows the feasible combinations of two goods that a consumer could afford given her money income?
A) the budget constraint
B) the indifference map
C) the income consumption curve
D) the price consumption curve
Answer: A
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If the consumption function is defined as C = 5,500 + 0.9Y, what is the value of the multiplier?
A) 0.l B) 0.9 C) 6.1 D) 10
Quotas that entirely eliminate trade in a certain product or a number of products are known as
A) export tariffs. B) deadweight. C) ultimate tariffs. D) embargoes.
New classical economists believe that the classical model
a. with the rational expectations assumption added provides a role for activist stabilization policies. b. is a poor starting point to construct new macroeconomic models. c. with the rational expectations assumption substituted for the perfect information assumption provides a starting point for constructing useful macroeconomic models. d. is equivalent to the monetarist model. e. both c and d.
According to Figure 6.1, the average annual rate of growth of the U.S. economy in the period 1948-73 equalled ________
A) 1.8 percent B) 4.0 percent C) 39 percent D) 697 percent