Economists often take their first shot at a business problem by assuming that relevant information is available:
a. along with a model to help them produce a valid conclusion.
b. using which a model has to be created.
c. but a sample test has to be performed to detect its quality.
d. but the consequences of using them in a model is uncertain.
Question 2
Which of the following will most likely happen when a person's income increases, other things equal?
a. The budget line will shift outward
b. The budget line will become steeper
c. The budget line will become flatter
d. The indifference curves will shift outward
e. The indifference curves will shift downward
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