The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power
A) income
B) substitution
C) demographics
D) ceteris paribus
Answer: A
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Increasing opportunity cost along a bowed-out production possibilities frontier occurs because
A) of inefficient production. B) of the scarcity of factors of production. C) of ineffective management by entrepreneurs. D) some factors of production are not equally suited to producing both goods or services.
The president from which Federal Reserve Bank always has a vote in the Federal Open Market Committee?
A) Philadelphia B) Boston C) San Francisco D) New York
Which of the following represents a preventative measure against bank runs?
A) The President of the United States can order banks to pay depositors. B) The Federal Reserve can lower reserve requirements to ensure that banks have sufficient funds. C) The FDIC provides deposit insurance. D) None of the above is correct.
Which is true?
a. China implemented a one child/one family policy in order to limit population growth. Country leaders realized that the country's resources would not be sufficient for a growing population b. when a country's population rises faster than its output of goods and services the average citizen will be worse off c. economists believe that the best method that a country can employ to reduce population growth is to provide women with more educational and career opportunities d. all