Economics is the social science that describes the way individuals and societies allocate resources to satisfy human wants
Indicate whether the statement is true or false
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Refer to Figure 22.5 below. Suppose that the initial budget constraint AB is given by the equation G = 150 - c/5, where G is the units of public good and c is consumption. A closed- ended matching grant up to 100 units of public good is proposed. If the slope of line segment AD is -2, write the equation of the new budget constraint after a closed-ended matching grant.
During most of the time in recent decades, the government sector
A) has not spent more than it collected in taxes. B) has run large deficits. C) has run large surpluses. D) has balanced its budget every year.
The marginal rate of substitution between two goods always equals the
a. marginal utility of one divided by the marginal utility of the other. b. marginal utility of one times the marginal utility of the other. c. price of one good divided by the price of the other. d. Both a and c are correct.
Product% Change in Income% Change in Quantity DemandedW-1-1X+6+3Y-1+1Z+4+8Refer to the table above. Which product is most responsive to a change in income?
A. Product W B. Product X C. Product Y D. Product Z