The property of transitivity implies that a consumer always prefers to consume more of either good, holding the consumption of the other good constant
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following increases the demand for a good or service?
A) a fall in the price of the good or service B) a smaller number of consumers wanting to buy the good or service C) a rise in the price of the good or service D) a rise in the price of a substitute good or service E) a rise in the price of a complement
A vertical line always has a slope of one
a. True b. False Indicate whether the statement is true or false
The U.S. trade deficit reached its most negative value between ______.
a. 1975 and 1978 b. 1985 and 1988 c. 1995 and 1998 d. 2005 and 2008
Crowding-out
A. refers to the idea that increases in government purchases inevitably cause reductions in some form of private consumption or investment. B. only occurs at full employment levels of National Output. C. is translated into inflation during periods of slack employment. D. does not include loss of leisure on the part of workers employed as a result of government spending.