Sam McGarrity inherited $500,000 upon his favorite aunt's death. After this event it was observed by the local butcher that Sam was purchasing more steaks than in the past even though the butcher's advertising had provided no new information about his steaks in the past year. Most likely,
a. the relative cost of the butcher's steaks decreased
b. the relative cost of the butcher's steaks increased
c. Sam had seen industry ads about the benefits of red meat
d. Sam's indifference map shifted
e. Sam's income increased
E
Economics
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Which of the following will NOT shift the aggregate demand curve?
A) a change in the price level B) a change in tax rates C) a change in the amount of money in circulation D) a change in real interest rates
Economics
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. ________ has the comparative advantage in TVs and ________ has the comparative advantage in radios.
A. Rich; Rich B. Rich; Jen C. Jen; Jen D. Jen; Rich
Economics