Refer to the information provided in Figure 1.6 below to answer the question(s) that follow.
Figure 1.6Refer to Figure 1.6. The slope of the line between Points A and B is
A. positive and constant.
B. negative and constant.
C. positive and increasing.
D. negative and decreasing.
Answer: A
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The difference between the equivalent variation and compensating variation is greater for goods with large income elasticities
Indicate whether the statement is true or false
Two goods, X and Y, are called substitutes if
a. an increase in PX causes more Y to be bought. b. an increase in PX causes less Y to be bought. c. an increase in PY causes less Y to be bought. d. an increase in income causes more of both X and Y to be bought.
Actual investment equals intended investment only when the economy is in macroequilibrium
Indicate whether the statement is true or false
Economics is the study of
a. how to get rich by playing the stock market b. the best ways to reduce people's wants, given the scarcity of resources c. how rational government officials determine what goods should be produced d. money and why it is good e. how people use limited resources to try to satisfy unlimited wants