Classical economists wrote from the 1770s to the ________
A) 1850s
B) 1890s
C) 1930s
D) 1960s
C
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An individual consumes only two goods, X and Y. Which of the following expressions represents the utility maximizing market basket?
A) MRSxy is at a maximum. B) Px/Py = money income. C) MRSxy = money income. D) MRSxy = Px/Py. E) all of the above
Discuss the major determinants of net exports
Exhibit 3-2 Demand curves
In Exhibit 3-2, the shift in the demand curve from D1 to D2 could have been caused by which of the following?
A. Decrease in price. B. Increase in expected future prices. C. Increase in the price of a complement. D. Decrease in income if it is a normal good.
What does the phrase "owners' equivalent rent" mean?
A. It is the price of a home. B. It is the value of three years' worth of housing services. C. It is the value of a year's worth of housing services. D. It is the price of five years' worth of housing services.