Assume that a college student spends her income on books and pizza. The price of a pizza is $8, and the price of a book is $15 . If she has $120 in income, she could choose to consume
a. 8 pizzas and 4 books.
b. 4 pizzas and 6 books.
c. 5 pizzas and 5 books.
d. 2 pizzas and 7 books.
c
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In the above figure, the opportunity cost of moving from point D to point E is
A) 75 guitars. B) 55 guitars. C) 100 ukuleles. D) 100 guitars.
Many argue the poor are getting poorer, at least in a relative sense. Evidence that contradicts this is that
A) household income of the lowest twenty percent of households relative to the highest twenty percent of households has fallen over the last thirty years. B) the official poverty level of income has increased over the years. C) household spending of the lowest twenty percent of households relative to the highest twenty percent of households has held constant over the last thirty years. D) the pretax distribution of income is more equal than the after-tax distribution of income.