The income-consumption curve
A) illustrates the combinations of incomes needed with various levels of consumption of a good.
B) is another name for income-demand curve.
C) illustrates the utility-maximizing combinations of goods associated with every income level.
D) shows the utility-maximizing quantity of some good (on the horizontal axis) as a function of income (on the vertical axis).
C
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A factor that limits the amount of saving in developing countries is the fact that:
A. The banking system does not encourage saving B. There is too much foreign aid so savings is not needed C. The level of aggregate domestic output is low D. The government controls financial institutions and makes it difficult for people to save
In 2013, the bottom 90 percent of wealth holders in the United States had less than one-quarter of the total wealth.
Answer the following statement true (T) or false (F)
A Big Mac costs $4.00 in the United States and 9.00 reals in Brazil. If the exchange rate is 2 realsper dollar, what is the dollar cost of a Big Mac in Brazil?
A) $0.89 B) $2.25 C) $4.50 D) $8.00
Property rights connect effort with reward
Indicate whether the statement is true or false