Refer to the table above. If the income of the consumer is $24, the optimal choice contains:
A) 1 quart of juice and 1 quart of milk.
B) 3 quarts of juice and 4 quarts of milk.
C) 4 quarts of juice and 4 quarts of milk.
D) 4 quarts of juice and 5 quarts of milk.
C
You might also like to view...
If a small percentage change in the price brings a very large percentage change in the quantity supplied, then the supply is almost perfectly ________ and the supply curve is almost ________
A) elastic; vertical B) elastic; horizontal C) inelastic; horizontal D) inelastic; vertical E) elastic; 45 degrees
Which of the following best describes a flow rather than a stock? a. You own $5,000 worth of government bonds. b. You own a $100,000 house
c. You own a coin collection valued at $10,000. d. You earn $500 per week. e. You own a $45,000 automobile.
The "Money Tower of Babel" mentioned in the text refers to
a. the fact that there is too much money floating on the foreign exchange market b. the fact that countries have their own currencies c. the multiple exchange rates for each currency d. the foreign currencies used to strengthen economies e. too much money servicing international trade creates international inflation
Which of the following would lead you to predict an upward shift in the consumption function?
a. a decrease in the value of real wealth b. a decrease in disposable income c. an increase in the value of real wealth d. an increase in the price level