The budget constraint represents:
a. all possible consumption combinations of goods that someone can afford when all income is spent.
b. a single consumption combination of goods that someone can afford when all income is spent.
c. all possible consumption combinations of goods that someone can afford when disposable income is spent.
d. all possible consumption combinations of goods that society can afford when all income is spent.
a. all possible consumption combinations of goods that someone can afford when all income is spent.
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In economics, money is defined as
A) any asset people generally accept in exchange for goods and services. B) the total amount of salary, interest, and rental income earned during a year. C) the total value of one's assets minus the total value of one's debts, in current prices. D) the total value of one's assets in current prices.
Which of these is true of the mercantilism policy? a. It accepts gold as a medium of exchange
b. It encourages free movement of labor and capital resources between nations. c. It emphasizes government control over the production of important goods and services. d. It emphasizes the importance of trade restrictions in achieving economic growth. e. It believes that a nation's economic vitality depends on its unemployment level.