If resources are limited
a. people will rush to buy more goods that they would otherwise
b. businesses will sell more products that they would otherwise
c. choices must be made which involve tradeoffs
d. all individuals are deprived of basic necessities
c. choices must be made which involve tradeoffs
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Assume that when there is no crowding out, an increase in government spending increases GDP by $100 billion. If there had been partial crowding out, then GDP would have:
A. increased by more than $100 billion. B. increased by $100 billion. C. not increased. D. increased by less than $100 billion.
In constructing a demand curve for product X:
A. consumer preferences are allowed to vary. B. the prices of other goods are assumed constant. C. money incomes are allowed to vary. D. the supply curve of product X is assumed constant.
Using the below graph give the slopes of the straight lines tangent to the curve at points A, B, and C
Please provide the best answer for the statement.
Suppose Carmen buys ramen noodles. To determine whether ramen noodles are a normal or inferior good for her, we must observe how Carmen
A) responds to a change in the price of a substitute for ramen noodles. B) responds to a change in the price of a complement for ramen noodles. C) responds to a change in the price of ramen noodles itself. D) responds to a change in her income. E) responds to all of the above.