The indifference curve in the diagram yields Juan 100 units of utility. If Juan's money income were to increase by 20 percent, the indifference curve would:
A. shift leftward.
B. shift rightward.
C. become steeper.
D. not be affected.
D. not be affected.
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The sum of all the income categories listed in the National Income and Product Accounts adds up to
A) gross domestic product. B) net national product. C) net domestic product at factor cost. D) disposable income after taxes. E) gross national product.
Which of the following statements correctly describe the elasticities of demand for gasoline and automobiles?
a. The income elasticity of demand for gasoline and automobiles is negative. b. The price elasticity of demand for gasoline is elastic and the cross-price elasticity between gasoline and SUVs is positive. c. The price elasticity of demand for gasoline is inelastic and the cross-price elasticity between gasoline and SUVs is negative. d. The price elasticity of demand for gasoline is inelastic and the income elasticity between gasoline and SUVs is positive. e. The price elasticity of demand for gasoline is elastic and the income elasticity between gasoline and SUVs is negative.