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Chris chooses between two goods, X and Y (see figure below). At first, the price of X is low and the price of Y is high (budget line B1). Chris tells you his best affordable combination of X and Y is at point A. Then the price of X rises, while the price of Y falls (budget B2). Chris tells you that at these new prices, his optimal consumption bundle is still point A. What must be true of Chris's preferences?
A) Chris prefers X to Y.
B) Chris prefers Y to X.
C) X and Y are perfect complements.
D) X and Y are perfect substitutes.
E) Chris's preferences must violate one of our assumptions about consumer behavior.
The reason economists use the midpoint method to compute elasticity is that:
Health officials have suggested that the spread of AIDS can be partly contained if more males use condoms.
In the 1950s, imports and exports of goods and services constituted roughly 4% to 5% of U.S. GDP. In recent years, exports have accounted for approximately 12% of GDP, while imports have more than tripled to over 15% of GDP. International trade agree..
If, in addition, currency deposit ratio(c) is 0.05 and excess reserve ratio (e) is 0.15, what is money multiplier. Explain why money multiplier differs from simple deposit multiplier.
Who of the following is not in the Bureau of Labor Statistics' "employed" category?
Assume that the senior managers of FedEx Express and FedEx Ground each have an investment opportunity that would require $20 million of additional operating assets and that would increase operating income by $4 million. If FedEx evaluates all of i..
The Dodge City Bank is planning its loans for the next several years, and is using a model of loan demand developed from past experience. Fred Smith is responsible for developing the mortgage loan component of total loan demand.
Elucidate why the boundaries of the firms that group members currently work for are dawn at their current limits, and consider whether there are opportunities to increase the returns generated for your firm's owners by a change to those vertical o..
How much the quantity of a good traded changes after a shift of the supply curve depends on the size of the shift.
Illustrate what is the probability that this worker is a college graduate. A non-college graduate. Are educational achievement and employment states independent
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Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls t..
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