If Gary has budget constraint A, and the price of milk is $3 a gallon, what is Gary's income?
This graph shows three different budget constraints: A, B, and C.
A. $9
B. $27
C. $12
D. Cannot answer this without knowing the price of soda.
B. $27
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Economics is the only social science and the only business discipline for which the Nobel Prize is awarded.
a. True b. False
As compared to the market clearing price, the total amount of consumer surplus and producer surplus is
A) greater for a government-imposed price floor that is higher than that market clearing price. B) greater for a government-imposed price ceiling that is lower than that market clearing price. C) the same as a government-imposed price floor that is higher than that market clearing price. D) smaller for a government-imposed price ceiling that is lower than that market clearing price.
According to UIP, when interest rates are equal, the exchange rate of the country's home currency is expected to:
a. fall. b. remain constant. c. rise. d. Not enough information is provided to answer the question.
When demand is inelastic
A. the percentage change in quantity demanded is less than the percentage change in price. B. the buyer is insensitive to price changes. C. the elasticity coefficient is greater than zero, but less than one. D. all of these statement statements are true.