If consumer income and prices increase by the same percentage,
A) the consumer will buy more of both goods.
B) the consumer will buy more of both goods if they are both normal goods.
C) the consumer will buy less of both goods if they are both inferior goods.
D) the consumer's utility maximizing bundle stays the same.
D
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The range to the left of the midpoint on a linear demand curve is
A) elastic. B) infinite. C) one. D) inelastic.
When economists talk about a "balance of payments" deficit, they refer to a condition in which total debits exceed total credits in the balance of payments account
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a cartel?
a. AFL-CIO b. OPEC c. United Auto Workers Union d. NATO e. Organization of American States
Inflation costs are minimized under which inflation rate?
a. -20 percent b. 5 percent c. 15 percent d. 575 percent