Refer to Figure 10-8. Given the budget constraint in the diagram, which of the following statements is false?
A) Consumption bundles b and c yield the same level of utility, which is higher than the utility represented by bundle a.
B) The consumer's optimal bundle could be bundle d, e, or f.
C) Although the consumer receives the same level of utility from bundles d and e, she cannot afford to purchase bundle d.
D) The consumer receives the same level of utility from consumption bundles d, e, and f.
B
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During the international crises of 1837 and 1857,
(a) the U.S. and England were connected financially. (b) the British were pursuing heavy internal improvements. (c) the U.S. was in the midst of heavy industrial expansion. (d) all of the above were true.
If General Motors is earning only a normal profit,
a. it is making economic profit b. it is breaking even c. it is suffering an economic loss d. it is covering only explicit costs e. it is covering only implicit costs
A useful rule of thumb called the "Rule of 70" states that if something grows at a constant rate of Z percent per year, it doubles in size approximately every __________ years
A) 70 - Z B) 70/Z C) Z/70 D) 70 × (Z/100)
In the twentieth century what policies helped Taiwan, Singapore, and South Korea grow faster than more developed nations?
a. investment in natural resources b. low levels of saving and high levels of consumption c. investment in human resources and technology d. lax enforcement of property rights