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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a budget line?
💡 Hint: Think of it as the boundary of what you can spend.
Question 2
Easy
What does a shift in the budget line indicate?
💡 Hint: Consider how a change in earnings would affect what you can buy.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the budget set represent?
- All possible affording combinations
- Only bundles costing more than income
- Maximum quantity of goods
💡 Hint: Focus on what's affordable, not just maximum spending.
Question 2
True or False: The budget line can shift due to a change in the price of goods.
- True
- False
💡 Hint: Think broadly about what affects your financial ability to buy.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A consumer has an income of Rs 100. The price of apples is Rs 10, and bananas Rs 5. Formulate the budget constraint equation and determine how many of each good can be bought if the entire budget is spent.
💡 Hint: Your equation represents how many pairs of apples and bananas can be bought.
Question 2
If the consumer's income increases by 20% while the prices of goods remain constant, how will the budget line shift on a graph?
💡 Hint: Visualize new potential spending positions on the same graph.
Challenge and get performance evaluation