A budget line represents all combinations of bundles of two goods that give a consumer equal total utility

Refer to Table 11-5. Consider the statistics in the table above in describing the industrialized countries. Are these consistent with the economic growth model? Briefly explain

What will be an ideal response?

Possible causes of an upward-sloping demand curve are:

a. consumers judge the quality of a product based on quality b. consumers judge the quality of a product based on price c. consumers purchase a product based on snob appeal d. a and b are true e. b and c are true