A change in the price of one good results in a rotation of the budget line, so that it is steeper or flatter
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following does not contribute to an improved standard of living?
a. Increases in the amount and quality of available resources b. Better technology c. Higher prices for the necessities of life d. Improvements in the "rules of the game" e. Increases in the quality of labor
Poverty rates among the elderly are:
A. much lower than poverty rates among children. B. higher than the poverty rates among children. C. approximately the same as the poverty rates among children. D. rising more rapidly than the poverty rates among children.
An unexpected reduction in inflation would tend to benefit which of the following?
A. neither creditors nor debtors B. debtors C. creditors and debtors D. creditors
Refer to the information provided in Figure 26.6 below to answer the question(s) that follow.
Figure 26.6Refer to Figure 26.6. Suppose the equilibrium output is initially $600 billion. An oil embargo would probably
A. decrease both the equilibrium output and the price level. B. decrease the equilibrium output and increase the price level. C. increase the equilibrium output and decrease the price level. D. increase both the equilibrium output and the price level.