Engel's Law, relating to the demand for food,
a. states that food demand is inelastic
b. holds more strongly in developed countries
c. indicates why the food sector experiences more than proportionate increases in quantities demanded as incomes rise
d. shows why food demand expands as citizen education improves
e. was only relevant when established in the 1800s
B
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Rapid growth in M2 is likely to lead to ________
A) low demand for labor B) high levels of inflation C) low levels of investment D) high real interest rates
If the marginal utilities of the first 4 candy bars consumed are 10, 12, 9, and 7, respectively, the total utility derived from consuming 3 candy bars is
a. 3 b. 9 c. 25 d. 31 e. Total utility cannot be derived from marginal utility. On the other hand, marginal utility can be derived from total utility.