Multiple Choice
In a one-period economy, the expression for the budget constraint is
A) .
B) .
C) .
D) .
E) .
Correct Answer:

Verified
Correct Answer:
Verified
Q1: A production function describes the<br>A)intellectual possibilities for
Q2: We assume that the representative consumer's preferences
Q3: A consumer's real disposable income equals<br>A)total income
Q4: Perfect substitutes will have<br>A)reverse L-shaped indifference curves.<br>B)curved
Q5: The principle that consumers and firms optimize<br>A)is
Q7: The consumer's work-leisure choice problem focuses on
Q8: Perfect complements will have<br>A)curved indifference curve, bowed
Q9: A utility function<br>A)measures relative happiness and income
Q10: In practice<br>A)lump sum taxes affect the effective
Q11: A static decision is one that<br>A)is made