Which of the following situations represents a trade-off?
A) Each additional hour of leisure reduces Billy's consumption of goods by $15.
B) Bob ate a slice of cranberry pie with one scoop of vanilla ice cream.
C) Jill can afford either a sports car or a 4-year college tuition.
D) A and C
D
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A bond that pays a yearly interest rate of $100 is for sale. The interest rate was 10 percent and now is 5 percent. The price of the bond has
A) decreased from $1000 to $500. B) increased from $1000 to $2000. C) decreased from $2000 to $1000. D) increased from $500 to $2000.
Refer to Table 19-18. What is real GDP in 2016, using 2011 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
Since the mid-1980s, the debt-to-income ratio of American households
a. has remained about the same as the previous 25 years. b. has been slowly declining. c. has fluctuated between about 55 and 70 percent of after-tax income. d. has rapidly increased.
Suppose there is no change in total revenue when the price changes. The demand curve for this good is:
A. perfectly elastic. B. perfectly inelastic. C. elastic. D. unitary elastic.