The price-consumption curve:
a. connects the various combinations of two goods as a consumer's income changes
b. connects the various combinations of two goods as the relative price of one good changes.
c. shows the quantity of a good consumed as a function on income.
d. All of the above are correct statements.
b
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The length of money or commodity demand disturbances is important to the "policy activism" debate between non-activists and activists because
A) changing the money supply affects the economy with a lag. B) changes in private spending must be offset by policy debate. C) Both A and B are correct. D) None of the above is correct.
Many people argue against increasing the minimum wage because they believe the result would be increased unemployment. Which of the following best summarizes this argument? A higher minimum wage would
a. increase the supply of labor while decreasing the demand for labor b. decrease the supply of labor while increasing the demand for labor c. increase the quantity supplied of labor while decreasing the quantity demanded of labor d. decrease the quantity supplied of labor while increasing the quantity demanded of labor e. increase the supply of labor while decreasing the quantity demanded of labor
In 2010, the United States had a nominal GDP of $14,958 billion and a real GDP of $13,598 billion, what was the GDP deflator?
a. 100 b. 109 c. 110 d. 111
The diagram suggests that:
A. when marginal product is zero, total product is at a minimum.
B. when marginal product lies above average product, average product is rising.
C. when marginal product lies below average product, average product is rising.
D. when total product is at a maximum, so are marginal product and average product.