From 1900 to 2013 real GDP per person in the U.S. has ________
A) doubled
B) grown by a factor of four
C) grown by a factor of nine
D) grown by a factor of twenty
E) declined
C
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Which of the following statements is false?
A) An upward-sloping supply curve graphically represents the law of supply. B) A vertical supply curve graphically represents the law of supply. C) If income rises and good X is a normal good, then the demand for good X will rise. D) If income falls and good Y is an inferior good, then the demand for good Y will rise.
Refer to the table below. If the consumer buys product X or product Y one unit at a time, which of the following will the consumer's first two purchases be?
Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4 and the price of product Y is $2. The income of the consumer is $20.
A. A first unit of X followed by a first unit of Y
B. A first unit of X followed by a second unit of X
C. A first unit of Y followed by a first unit of X
D. A first unit of Y followed by a second unit of Y