If You Care Not Only About Your Own Income Level

question 30

Multiple Choice

If you care not only about your own income level but also about your relatives' income level, with increasing concern for them as they get poorer, then your indifference curves (defined over your income level and that of your relatives)

• A)will be negatively sloped, and concave from above.
• B)will be positively sloped, and concave from the origin.
• C)will be negatively sloped and linear.
• D)cannot be specified until more information is provided.

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Definitions:

Universal Negative

A logical statement in the form of "No S are P," denying that any members of one set are members of another set.

Proposition

A formal statement put forth for consideration, often in logic or mathematics, that can be either true or false.

Form

In logic and philosophy, the structure or pattern that an argument or expression follows, abstracting away from the content.

Quantity

A property that exists in a range of magnitudes and can be measured or quantified.