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Introduction to Economics 1
Introduction to Economics 1 Deneme Sınavı
Introduction to Economics 1 Deneme Sınavı Sorusu #1192651
Introduction to Economics 1 Deneme Sınavı Sorusu #1192651
Given the income of the individual I, the only consumer goods in the economy X and Y with fixed prices Px and Py, what does the equality I=PxX+PyY represent?
Given the income of the individual I, the only consumer goods in the economy X and Y with fixed prices Px and Py, what does the equality I=PxX+PyY represent?
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Budget constraint |
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Economic growth |
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Inflation |
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Budget deficit |
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Substitution effect |
Yanıt Açıklaması:
Let’s consider the budget constraint facing an individual who has a fixed level of income (I) that can be used to buy two goods (X and Y) at fixed prices (Px and Py). The budget constraint facing this individual can be expressed as: PxX + PyY = I.
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