"Every point on a budget line has an indifference curve passing through it." Explain whether the previous statement is correct or not
What will be an ideal response?
The statement is correct. The consumer has a preference map that consists of an infinite number of indifference curves, one through every possible consumption combination. So there is an indifference curve passing through every point on a budget line.
Economics
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The shift of the short-run Phillips curve in the figure above is the result of
A) an increase in the natural unemployment rate. B) a decrease in the expected inflation rate. C) a decrease in the actual inflation rate. D) an increase in the expected inflation rate. E) a decrease in the natural unemployment rate.
Economics
What are the two largest sources of tax revenues for the U.S. federal government?
What will be an ideal response?
Economics