The 1997-1998 Asian crisis began in
a. China.
b. Japan.
c. Taiwan.
d. South Korea.
e. Thailand.
E
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In the above figure, if income is $8, the initial price of a soft drink is $1, and the initial price of a milkshake is $2, a decrease in the price of a milkshake to $1 will move the consumer from point ________ to point ________
A) a; b B) b; c C) a; d D) a; c
A decrease in the price of one good results in a parallel shift in the budget line
a. True b. False Indicate whether the statement is true or false
Economic rent is paid only to land, and not to other resources.
Answer the following statement true (T) or false (F)
John's utility of wealth curve is shown in the above figure. He currently has wealth of $20,000. If the state lottery offers a 1 in 10,000 chance of winning $10,000, John will
A) pay whatever price it takes to play. B) pay $1 to play this game. C) pay less than $1 to play this game. D) not be willing to play this game at any price.