Suppose Elroy's budget line is as shown on the diagram. If his tastes change in favor of Coke and against popcorn, the budget line will:
A. become steeper.
B. become flatter.
C. shift rightward.
D. be unaffected.
D. be unaffected.
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The cost of education, professional athletes’ pay, and medical services rise faster than the rate of goods and services because their average productivity has remained the same.
Answer the following statement true (T) or false (F)
Which of the following statements is NOT a function of the Fed?
A) It ensures that commercial banks report their assets and liabilities with accuracy. B) It monitors the stockholders' equity of commercial banks. C) It oversees interbank payment systems. D) It regulates the various stock markets in the economy.
Does inoculation against chicken pox have both private and external benefits?
What will be an ideal response?
Purposeful behavior suggests that:
A. everyone will make identical choices. B. resource availability exceeds economic wants. C. individuals may make different choices because of different desired outcomes. D. an individual's economic goals cannot involve trade-offs.