Assume Kevin's income to spend on the two goods in the graph shown is $48, and books cost $12. If Kevin's budget constraint is one of the lines in the graph, which one must it be?
A. A
B. B
C. C
D. It could be either A or B
D. It could be either A or B
Economics
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If steak is a normal good, what do you suppose would happen to price and quantity during an economic recession?
A. Price would increase and quantity decrease. B. Price would decrease and quantity increase. C. Price and quantity would both increase. D. Price and quantity would both decrease.
Economics
For a commercial bank, the term "reserves" refers to
What will be an ideal response?
Economics
Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $9,500 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) -10% B) -5% C) -2% D) -1%
Economics
Public parks and libraries are examples of
a. economic goods. b. free goods. c. intangible goods. d. public goods.
Economics