The marginal utility of good X is 6 and the marginal utility of good Y is 18. The price of good X is $2. The price of good Y must be ________ if the consumer is optimizing her utility
A) $5
B) $6
C) $18
D) $15
Answer: B
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People tend to hold less money as
A. credit availability rises. B. the average price level falls. C. incomes fall. D. All of the choices are correct.
One characteristic that has allowed the U.S. economy to change the mix of output in response to consumer demand is the
A. Factor mobility which is the increased ease with which resources move from one industry to another. B. Labor-intensive production process. C. Abundance of scarce resources. D. Large number of proprietorships.
As disposable income rises, autonomous C ______ as a percentage of total C.
A. declines B. stays the same C. rises
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A. B. C to D. C. B to D. D. A to C.