A change in a person's money income changes real income and therefore changes the slope of the person's budget line
Indicate whether the statement is true or false
FALSE
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What does the Cobb-Douglas production function assume about the input shares in the economy?
A) the capital share is larger than the labor share of income B) both the capital and labor shares of income grow over time C) both the capital and labor shares of income remain relatively constant over time D) the capital share of income is equal to the labor share of income E) none of the above
Suppose Sam's Shoe Co. makes one kind of shoe. An example of a variable cost for this company would be:
A. the design pattern for the shoes. . B. the leather needed to make the shoes. C. the lease to the factory building. D. All of these are examples of variable costs.
Public goods are nonrival in consumption and nonexclusive, so private firms cannot sell them profitably
Indicate whether the statement is true or false
If the price buyers pay rises by the full amount of the tax, the burden...
What will be an ideal response?