Refer to the information provided in Figure 23.6 below to answer the question(s) that follow.
Figure 23.6Refer to Figure 23.6. Aggregate saving is 20 when aggregate income is
A. $600.
B. $660.
C. $800.
D. $850.
Answer: C
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If the utility function (U) between food (F) and clothing (C) can be represented as U = , the marginal rate of substitution of clothing for food equals
A) -C/F. B) -F/C. C) - . D) - .
Luke won tickets to see a rock music concert. Even though Luke is a rhythm and blues fan, he goes to the concert anyway. Twenty minutes later, Luke decides he hates the music and the screaming fans, and he walks out an hour before the concert is scheduled to end. Luke's behavior demonstrates what economic concept?
A. Irrational behavior B. Rational behavior C. The fungibility of money D. None of these explain Luke's behavior.
Home price escalation in the U.S. during 2005 fueled booms in
A. Iraq and Afghanistan. B. mortgage foreclosures and home demolition. C. home building and home equity lines of credit. D. stocks of dot com startups in Silicon Valley and U.S. government bonds.
Refer to the above diagram. Assume that G and T1 are the relevant curves, the economy is currently at A, and the full-employment GDP is B. This economy has:
A. neither a surplus nor deficit in the actual budget. B. a cyclically adjusted budget deficit. C. an actual budget deficit. D. an actual budget surplus.