A tax on buyers shifts the demand curve and the supply curve
a. True
b. False
Indicate whether the statement is true or false
False
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Grace maximizes her utility by consuming both gourmet cookies and ice cream. If the price of a dozen cookies is three times that of a pint of ice cream, we would expect that: a. the total utility of a dozen cookies is three times that of a pint of ice cream
b. the total utility of a dozen cookies is one-third that of a pint of ice cream. c. the marginal utility of the last dozen cookies is three times that of the last pint of ice cream. d. the marginal utility of the last dozen cookies is one-third times that of the last pint of ice cream.
Use the following table to answer the next question.YearNominal Income (dollars)CPIReal Income (dollars)1$44,600130 2$48,200 $35,1833$51,000139 What is the value of the CPI in Year 2?
A. 137 B. 1.37 C. 73 D. 0.73