Consider Two Goods,books and Hamburgers

question 377

Multiple Choice

Consider two goods,books and hamburgers.The slope of the consumer's budget constraint is measured by the

• A) consumer's income divided by the price of hamburgers.
• B) relative price of books and hamburgers.
• C) consumer's marginal rate of substitution.
• D) number of books purchased divided by the number of hamburgers purchased.

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Definitions:

Capital Per Worker

Capital per worker is a ratio that measures the amount of capital assets (such as equipment and machinery) available for each worker, often used as an indicator of labor productivity.

Output Per Worker

The average quantity of goods and services produced per employee in a given time period.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured by GDP growth.

Simon Kuznets

A Ukrainian-American economist who made significant contributions to the study of economic growth, the development of the concept of Gross National Product, and the statistical analysis of economic cycles.