Question

12. Positive economics involves statements which are:

1 point

verifiable

may or may not be verifiable

not verifiable

none of these

13. The curve derived by joining all bundles which give equal level of satisfaction is called:

1 point

Budget Line

Budget Set

Indifference Curve

Price Line

14. The collection of all the consumption bundles which costs the consumer exactly equal or strictly less than her money income is called;

1 point

Budget Line

Budget Set

Indifference Map

Indifference Curve

15. Suppose goods X and Y are substitutes. Which of the following is TRUE?

1 point

An increase in the price of X will result in a decrease in the equilibrium price of Y

An decrease in the price of X will result in an increase in the equilibrium quantity of Y

An increase in the price of X will result in an increase in the equilibrium quantity of Y

More than one of the above is true.

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Answer 1

Answer:

thanks for free points and follow mi

Answer 2

Answer:

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