Assuming that good "x" is measured on the x-axis and good "y" is measured on the y-axis, if the utility for the two goods "x" and "y" can be measured as U = x, then it can be concluded that
A) "x" and "y" are perfect complements.
B) "y" is a "bad".
C) the indifference curves on the x,y graph are upward sloping.
D) the indifference curves on the x,y graph are vertical.
D
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A "bad" would be associated with:
A. zero marginal utility. B. a very small amount of marginal utility. D. positive marginal utility.
Which of the following would be classified as a personal consumption expenditure?
A. Your purchase of this economics course. B. Your purchase of a newly constructed house C. Your purchase of a preowned house. D. Your purchase of one share of Microsoft stock.
An increase in the price of product A will:
A. reduce the demand for resources used in the production of A. B. increase the demand for complementary product C. C. increase the demand for substitute product B. D. reduce the demand for substitute product B.
Illegal immigration has been shown to have an overall negative fiscal impact on local and state governments. Describe the fiscal benefits and cost of illegal immigration for local and state governments
What will be an ideal response?