The slope of a budget line reflects the:
A. elasticity of demand for the two products.
B. price ratio of the two products.
C. amount of the consumer's income.
D. utility ratio of the two products.
Answer: B
You might also like to view...
Producer surplus is the sum of the profits earned by all firms in a market
Indicate whether the statement is true or false
In 2012, the number of people living in the world on less than $1.90 a day was:
A. roughly 13% of the world's population. B. just over a quarter of the world's population. C. just over a fifth of the world's population. D. just under 10 percent of the world's population.
A tariff on a good increases the domestic price of the good, increases domestic production of the good, reduces the amount of the good sold, and decreases imports of the good
a. True b. False Indicate whether the statement is true or false
A recession will occur if an economy's actual GDP ____ its potential GDP
a. rises above b. equals c. falls below d. grows faster than