Linda earned an income of $3,000 per month, which has now increased to $3,500 per month. She saves 10 percent and spends the remainder on food, lodging and other expenses. So far, she has managed to save $20,000. What is the change in her saving per month after the increase in income?
What will be an ideal response?
$50
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Mr. McConaughey has the afternoon, 5 hours, to spend doing whatever he wants. How much time does Mr. McConaughey spend with his friends and family and how much time does he spend breaking a sweat to maximize his total utility?
A) 3 hours with friends and family and 2 hours breaking a sweat B) 2 hours with friends and family and 3 hours breaking a sweat C) 0 hours with friends and family and 5 hours breaking a sweat D) 3 hours with friends and family and 4 hours breaking a sweat
Economics
A) is a social science. B) is concerned with limited resources. C) is concerned with unlimited wants. D) All of the above are correct.
The market basket approach:
A. gives us a single number that represents how changing prices affect the typical consumer. B. gives us a list of what the typical consumer buys and the average price change of those goods. C. tells us how the prices of all goods and services in an economy change over time. D. tells us exactly how people change what they buy from year to year.
Which of the following is included in determining Gross Domestic Product?
A. a housewife preparing dinner B. a gardener canning vegetables for consumption during the winter C. the purchase of a newly built house D. the purchase of a used car