In the above figure, the economy initially is at point B. Then price level rises by 10. The wealth effect will help

"Education in elementary and high schools has external benefits because families who have a lot of children do not pay any more than families without children." Is this statement correct or incorrect? Explain your answer

What will be an ideal response?

Using the data in the above table, gross domestic product as calculated by the income approach equals ________

A) $2,333 B) $2,592 C) $2,925 D) $2,205