For m > p2, the demand functions for goods 1 and 2 are given by the equations, x1 =m/p2 - 1 and x2 = p1/p2, where m is income and p1 and p2 are prices. Let the horizontal axis represent the quantity of good 1. Let p1 = 1 and p2 = 2. Then for m > 2, the income offer curve is:a. a vertical line. b. a horizontal line. c. a straight line with slope 2.d. a straight line with a slope of 1/2.e. None of the above.

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

Your own record of all your transactions. a. check register b. account statement

Juanita and sam attend a beach party and notice that the local beach appears to have a great deal more trash washed up on shore than it did when they were young. the water doesn't appear nearly as clear, and there seems to be less evidence of small water creatures living in the shallows. an afternoon at the local library convinces them that one major cause is the new factory nearby. after some discussion, they decide their next step should be identifying the cause of the changes identifying the problem picketing the guilty factory lobbying their elected representatives to complain about the problem talking to a local environmental group about solutions