Refer to the data. How many units of the two products will the rational consumer purchase?
Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18.
A. 3 of L and none of M
B. 4 of L and 2 of M
C. 3 of L and 5 of M
D. 2 of L and 3 of M
D. 2 of L and 3 of M
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Explain how agricultural price supports work and what the effects of the supports are
What will be an ideal response?
Which of the following is the most fundamental function of government?
a. protection of individuals and their property b. imposing progressive taxes to fund income-transfer programs c. regulating prices and wages d. provision of postal services and garbage collection
Hyperinflation refers to an inflation rate which exceeds 5 percent per month.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 32.1 below to answer the question(s) that follow.
Figure 32.1Refer to Figure 32.1. If the economy moves from Point B to Point C, a ________ in tax rates will ________ tax revenue.
A. rise; decrease B. rise; increase C. cut; decrease D. cut; increase