An indifference curve shows combinations of goods ________
A) which the consumer prefers equally
B) that are affordable
C) that are inside or on the budget line
D) that have the same relative price
A
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Which of the following is true of taxes?
What will be an ideal response?
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if the economy decides to impose a tariff, the government can expect to raise how much in government revenues?
A. $37,500. B. $19,500. C. $27,000. D. $34,500.
What would happen in the market for rental housing in your community if the local government legally mandated rents that were below the market clearing price?
A. The demand for rental housing would increase. B. There would be a shortage of rental housing. C. The supply of rental housing would decrease. D. There would be a surplus of rental housing.
Related to the Economics in Practice on p. 448: Compared to students who graduate college and obtain employment during a recession, students who graduate during an economic expansion often find that starting wages are ________ and wage growth is ________.
A. higher; faster B. lower; faster C. higher; slower D. lower; slower