Joe's income is $500, the price of food (F, y-axis) is $2 per unit, and the price of shelter (S, x-axis) is $100. Which of the following represents his budget constraint?
A) 500 = 2F + 100S
B) F = 250 - 50S
C) S = 5 - .02F
D) All of the above.
D
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In the short run, a perfectly competitive firm ________ make an economic profit and ________ incur an economic loss
A) might; will never B) will never; might C) might; might D) will never; will never E) will definitely; will never
Refer to Figure 12.1. An increase in government spending financed with external debt would move the economy's potential consumption from point
A. C to point A. B. C to point E. C. A to point I. D. B to point A.
Which of the following factors affects consumers' decisions to buy goods or services:
A. Buying power B. Competition C. Labor costs D. Production costs
Public goods are always provided by the government because private markets do not have an incentive to provide them.
Answer the following statement true (T) or false (F)