An increase in the price of the good measured on the horizontal axis of a budget line diagram will
a. make the budget line flatter
b. make the budget line steeper
c. leave the budget line unchanged
d. cause a parallel inward shift of the budget line
e. cause a parallel outward shift of the budget line
B
Economics
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If Chris can produce a service using fewer resources than Pat would, then Chris
a. has an absolute advantage in producing that service b. has a comparative advantage in producing that service c. has both an absolute advantage and a comparative advantage in producing that service d. is productively efficient e. cannot have a comparative advantage in producing that service
Economics
A good that has the characteristics of nonexclusivity and nonrivalry is a
a. public good b. merit good c. social good d. private good e. collective good
Economics