Joe’s income is $500, the price of food （F） is $2 per unit, and the price of shelter （S） is $100. Which of the following represents his budget constraint（）
A. 500 = 2F + 100S
B. F = 250 – 50S
C. S = 5 – 0.02F
D. All of the above
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According to the Law of Demand, the demand curve for a good will（）
A. shift leftward when the price of the good increases
B. shift rightward when the price of the good increases
C. slope downward
D. slope upward
If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely（）
A. shift leftward
B. shift rightward
C. remain unchanged
D. become steeper
Sandy derives utility from consuming “all other goods,” g, and clean air （measured by particulate matter removed per m3）, a, as measured by the utility function U（g,a） = g0.6a0.4. The price of “all ot
A. Total market demand is 14 units of clean air
B. Total market demand is 12 units of clean air
C. Total market demand is 10 units of clean air
D. Total market demand is 16 units of clean air
If oranges were found to cure cancer（）
A. the equilibrium price of apples would likely fall
B. the equilibrium price of oranges would likely increase in the near term
C. the equilibrium quantity of oranges would likely increase
D. All of the above
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