Junkfood Jill spends all of her income on jellybeans and cola. Suppose that Jill's income is $30, the price of a bag of jellybeans is $6, and the price of a bottle of cola is $2
If bags of jellybeans are graphed along the vertical axis and bottles of cola are graphed along the horizontal axis, what is the slope of the budget line? A) 3
B) -3
C) 1/3
D) -1/3
D
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A model that is an oversimplification for one purpose will likely be an oversimplification for other purposes as well
a. True b. False Indicate whether the statement is true or false
A tax system under which an individual pays a higher fraction of his income in taxes at higher levels of income is formally described as
a. digressive. b. progressive. c. proportional. d. regressive.
Which of the following happens to the demand for coffee when the price increases?
a. It stays the same.
b. It decreases.
c. It increases
d. It fluctuates.
If Delta Airlines lowers the P for its round trip tickets between Des Moines and Orlando, it will increase its TR (= total revenue) or total $ sales of those tickets if the Eo of D (ignoring the sign) for those tickets is:
a) 0 b) greater than 1 c) = 1 d) < 1 e) inelastic