If a consumer spends all of his or her income and the marginal utility per dollar is equal for all goods, then
A) marginal utility is maximized.
B) total utility is maximized.
C) a consumer could not be better off even with greater income.
D) the proportion of income spent on each good must be equal.
B
Economics
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According to the text, the income elasticity of demand for food in industrialized nations is lower than that of poorer nations
Indicate whether the statement is true or false
Economics
The real rate of interest is the interest rate:
A. charged on long-term government bonds. B. associated with a riskless loan. C. that large commercial banks charge their best customers. D. after adjustment has been made for inflation.
Economics