Choices that do not exhaust the consumer's budget lie to the ______ of the budget line.
A. southwest
B. northeast
C. northwest
D. southeast
A. southwest
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A disadvantage of the travel cost method is
a. it cannot determine monetary values b. it estimates only user value and not existence value c. it focuses on recreational use making it ineffective for commercial use d. all of the above e. (b) and (c) only
A firm's average total cost is $100, its average variable cost is $90, and its total fixed cost is $1,000. Its output is
A) less than 70 units. B) between 70 and 120 units. C) between 120 and 170 units. D) more than 170 units.
Crowding in occurs when government spending, by raising Real GDP, induces increases in private investment spending.
Answer the following statement true (T) or false (F)
The widespread fall in the prices of homes caused consumers to:
A. increase their spending, as they devoted their money to things other than homes. B. increase their spending, as saving was viewed as a bad investment. C. decrease their spending, as they struggled to pay back debt. D. decrease their spending, and increase their debts.