Suppose Raul has budgeted $100 of his monthly income towards two good: t-shirts and jeans. If the price of a pair of jeans is $20 and last month he spent his $100 on a bundle containing 2 pairs of jeans and 12 t-shirts, which of the following is another point on Raul's budget line?
a. 3 pairs of jeans and 16 t-shirts
b. 1 pair of jeans and 15 t-shirts
c. 3 pairs of jeans and 6 t-shirts
d. 0 pairs of jeans and 20 t-shirts
d
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Alice has $10 to spend on wine and cheese. If wine is $2.50 a glass and cheese $2, draw the corresponding budget line. Then draw three indifference curves, one showing the amount of wine and cheese Alice would choose, one showing less preferred combinations of wine and cheese, and the last showing preferred but unaffordable combinations. ?
What will be an ideal response?
What determines the perfect competitor's supply curve? How is the industry supply curve found?
What will be an ideal response?
In the context of the global economy, the United States' capacity utilization rate __________________ than it was just a few decades ago.
A. is much more important B. is much less important C. has the same importance
Members of the Board of Governors of the Federal Reserve are
A. appointed by the president of the United States. B. appointed by the Treasury Secretary. C. appointed by the outgoing chairman of the Board of Governors and confirmed by Congress. D. elected by the stockholders of the eight largest banks in the United States.