4) The budget line
A. . determines an individual’s optimal consumption basket.
B. . will not shift at all if the prices of both commodities increase and income is unchanged.
C. . determines an individual’s possible consumption baskets.
D. . is a straight line whose slope is given by the rate of inflation.
3) A shift in the supply curve of bicycles that results from higher steel prices will lead to
A. . higher prices.
B. . lower prices.
C. . a shift of the demand curve.
D. . larger output.
2) Identify which one of the following is a normative statement:
A. . the high temperature today was 35 degrees.
B. . it was hotter today than yesterday.
C. . a kilogram of shrimp is more expensive than a kilogram of potato in the supermarket.
D. . shrimp is more delicious than potato.
1) If the price of oil, a close substitute for coal, increases, then
A. . the supply curve for coal will shift to the right.
B. . the demand curve for coal will shift to the right.
C. . the equilibrium price and quantity of coal will not change.
D. . the quantity of coal demanded will decline.
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