A movement upward along an upward-sloping Engel curve corresponds to
A) upward-sloping indifference curves.
B) crossing indifference curves.
C) a rotation in the budget constraint.
D) a parallel shift in the budget constraint.
D
Economics
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In the above figure, if the price is $1.25 per gallon of milk and 5 million gallons are produced and consumed, then the consumer surplus is ________ and the producer surplus is ________
A) $3.125 million; $3.125 million B) $12.5 million; $12.5 million C) $6.25 million; $6.25 million D) None of the above answers are correct.
Economics
To keep from running out of international reserves under the Bretton Woods system, a country had to implement ________ monetary policy to ________ its currency
A) expansionary; strengthen B) expansionary; weaken C) contractionary; strengthen D) contractionary; weaken
Economics