The United Kingdom is
a. an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States.
b. an advanced economy, and over the past century its rate of economic growth has been lower than that of the United States.
c. a middle-income country, and over the past century its rate of economic growth has been higher than that of the United States.
d. a middle-income country, and over the past century its rate of economic growth has been lower than that of the United States.
b
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If the price of the good measured along the vertical axis increases without a change in the price of the good measured along the horizontal axis, the consumer's budget constraint:
A) pivots rightward without a change in the intercept on the horizontal axis. B) pivots leftward without a change in the intercept on the horizontal axis. C) shifts to the right. D) shifts to the left.
If the demand for steak (a normal good) shifts to the left, the most likely reason is that
What will be an ideal response?