With an increase in income, we can predict that a consumer will choose a new market basket
a. on a lower indifference curve.
b. on the same indifference curve but the new budget line.
c. on a higher indifference curve that passes through the new budget line.
d. on a higher indifference curve that is tangent to the new budget line
d. on a higher indifference curve that is tangent to the new budget line
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Hyperinflation is defined as periods of
A) inflation over 25 percent per year B) negative price changes. C) low inflation. D) inflation over 50 percent per month. E) inflation under 10 percent per year.
Which of the following statements is true?
A) A direct relationship has a negative slope value. B) A straight line has a slope of one. C) A curved line has slope values that change at every point. D) An inverse relationship has a positive slope value.