Assume Willow's income to spend on either earrings or hairbands is $24. If her budget constraint is pictured in the graph shown, which of the following must be true?
A. Willow will buy more earrings than hairbands because they are less expensive.
B. Hairbands must cost $3, and earrings must cost $6.
C. Hairbands must cost $8, and earrings must cost $4.
D. Willow will buy more hairbands than earrings because they are less expensive.
Answer: B
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According to the figure above, if there is no income tax, the equilibrium real wage rate is ________ and the equilibrium hours of labor are ________
A) $20; 200 billion B) $30; 250 billion C) $30; 200 billion D) $35; 200 billion E) The equilibrium is not shown.
You can generally distinguish an aggregate supply-caused recession from an aggregate demand-caused recession because
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If the prices received by farmers increased and the prices paid by farmers also increased, the parity ratio:
A. will necessarily be unchanged. B. may either increase or decrease. C. will necessarily increase. D. will necessarily decline.
How do population growth and economic growth impact global poverty?
What will be an ideal response?