Economists represent a consumer's preferences using
a. demand curves.
b. budget constraints.
c. indifference curves.
d. supply curves.
c
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The federal spending policies of the Great Depression were clearly expansionary and helped return the U.S. economy to the low levels of unemployment experienced during the 1920s
Indicate whether the statement is true or false
An example of a public good is: a. a tornado siren
b. a cake. c. a personal computer. d. a DVD player.
When a price floor is set for a market, quantity supplied will be:
A. Less than the equilibrium quantity, and price will be less than the equilibrium price. B. Less than the equilibrium quantity, and price will be greater than the equilibrium price. C. Greater than the equilibrium quantity, and price will be less than the equilibrium price. D. Greater than the equilibrium quantity, and price will be greater than the equilibrium price
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.