Refer to the information provided in Figure 23.1 below to answer the question(s) that follow.
Figure 23.1Refer to Figure 23.1. This household saves ________ at an income level of $400.
A. -$300
B. -$250
C. $0
D. $250
Answer: A
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All of the following can create a bias in the CPI EXCEPT the
A) new goods bias. B) outlet substitution bias. C) commodity substitution bias. D) GDP price index bias. E) quality change bias.
Explain why short-run demand for frozen fish sticks may be more price elastic in the short run than in the long run
What will be an ideal response?
If a firm makes an economic profit, it is making at least a normal rate of return.
Answer the following statement true (T) or false (F)
Bobby spends $100 per month on pizza and CDs. His utility from these goods is shown in the table above. The price of a pizza is $10 and the price of a CD is $20. Which of the following combinations of the two goods maximizes Bobby's utility?
A) 2 pizzas and 4 CDs B) 6 pizzas and 2 CDs C) 4 pizzas and 3 CDs D) 8 pizzas and 1 CDs