Refer to the data. How many units of the two products will the rational consumer purchase?
Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18.
A. 3 of L and none of M
B. 4 of L and 2 of M
C. 3 of L and 5 of M
D. 2 of L and 3 of M
D. 2 of L and 3 of M
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Those who are interested in assessing the relative standard of living of different countries over a given time period are most likely to look at
A. Percentage change in GDP. B. GDP. C. Population. D. Per capita GDP.
Financial instruments and money share which of the following characteristics?
A. Both can function by acting as a means of payment and allow for trading of risk. B. Both can function as a means of payment and a store of value. C. Both can function as a store of value even though they do not allow for trading of risk. D. Both can function as a store of value and allow for trading of risk.