Given the indifference map and budget constraint lines below, what is the demand curve for sweaters?
A. Graph A
B. Graph B
C. Graph C
D. Graph D
A. Graph A
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When uncertainty over the timing of death is added to the LCH, this ________ the planning horizon and ________ the MPC for transitory income
A) shortens, raises B) shortens, lowers C) lengthens, raises D) lengthens, lowers
Keynesian economists believe that
a. since both V and Q are constants, the equation of exchange becomes the quantity theory of money, which explains prices b. the quantity theory of money is proof that money cannot influence how much we produce, but does influence the prices of the goods we produce c. even though velocity isn't constant, it is predictable d. if a change in M occurs, it may not only affect P, but also and at the same time affect Q e. the velocity of money is unchanging, regardless of changes in M, P, or Q
The __________ is the price of money (loanable funds).
A. wage B. rent C. demand D. interest rate
Which function of money allows people to specialize in areas in which they have a comparative advantage?
A. unit of accounting B. standard of deferred payment C. medium of exchange D. store of value