The APC can be defined as the fraction of a:
A. change in income that is not spent.
B. change in income that is spent.
C. specific level of total income that is not consumed.
D. specific level of total income that is consumed.
D. specific level of total income that is consumed.
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In thinking about the criteria for an ideal voting system, needing no dictator means:
A. one person cannot have the power to enact his or her own preferences. B. those in power must be forced to listen to the will of the people when enacting policy. C. the presence of pure democracy is needed, so everyone gets a vote. D. one person cannot have their preferences represented in what voters decide upon.
The term ______ describes a situation where a ______ causes a reduction in the buying power of income, even though actual income has not changed.
a. intertemporal budget; lower price b. income effect; higher price c. intertemporal budget; higher price d. substitution effect; lower price
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What is the price of chicken?
A) $0.80/lb B) $1.25/lb C) $4/lb D) $5/lb
Recurrent flooding in Bangladesh is causing the land area of the country to shrink. In what ways might environmental mismanagement play a role in explaining this phenomenon?
What will be an ideal response?