Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom is on budget constraint AC and the price of a hamburger is $8.00. Tom's monthly income is
A. $2.50.
B. $20.
C. $80.
D. $160.
Answer: D
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________ in economics is a measure of satisfaction or happiness that comes from consuming a good or service
A) Budget B) Utility C) Income effect D) Substitution effect
A tax is efficient if
A) it is based on profits earned and not on wages. B) it imposes a small excess burden relative to the revenue it raises. C) it encourages saving and investment. D) individuals with the lowest incomes pay proportionately lower taxes than individuals with the highest incomes.
The provision of funds to the mortgage market through the purchase of mortgage-backed securities and mortgages is performed by ________
A) Fannie Mae and Freddie Mac B) the Federal Housing Administration C) the Federal Reserve System D) subprime borrowers
Most modern financial centers use computers to match buyers and sellers. This absence of personal contact contradicts the definition of a market
Indicate whether the statement is true or false