A budget constraint
A) represents the bundles of consumption that make a consumer equally happy.
B) reflects the desire by consumers to increase their income.
C) refers to the limited amount of income available to consumers to spend on goods and services.
D) shows the prices that a consumer chooses to pay for products he consumes.
C
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Which of the following environmental issues overflow national boundaries and so might be addressed multilaterally?
a. dams b. the ozone layer c. global warming d. biodiversity loss e. all of the above
If the Habakkuk thesis had been correct—unamended by Rosenberg, David and others—a long-run decline in the supply of agricultural productivity west of the Appalachians would be matched by a proportional
(a) decline in the productivity growth in eastern manufacturing. (b) increase in productivity in eastern manufacturing. (c) rise in American food imports. (d) rise in American exports of manufacturing.