Income effect results in _____
a. a change in the elasticity of demand of a consumer
b. a change in the buying power of consumers
c. a change in the opportunity cost
d. a change in the permanent income of a consumer
b
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The slope of a line equals the
A) change in the variable measured along the x-axis divided by the change in the variable measured along the y-axis. B) change in the variable measured along the y-axis divided by the change in the variable measured along the x-axis. C) change in the variable measured along the x-axis minus the change in the variable measured along the y-axis. D) change in the variable measured along the x-axis multiplied by the change in the variable measured along the y-axis.
If an economy's population grows at 3 percent and income grows at 3 percent, then
a. per capita income is declining b. the economy's standard of living is increasing c. per capita income is negative d. per capita income is constant e. human capital per capita is constant