The income effect refers to the impact of a change in
a. income on the price of a good
b. the general price level caused by a change in the price of another good
c. the price of a good on real income
d. the price of a substitute for the good under consideration
e. demand when income changes
C
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A surplus is defined as
A) the excess of total expenditures over total revenues. B) government spending plus transfer payments. C) the sum of all past borrowing by the government. D) the excess of total revenues over total expenditures.
In a typical year, new small firms create ________ jobs
A) 250,000 B) 1.1 million C) 1.8 million D) 3.3 million
By 1850, the single largest U. S. commodity export (in terms of value) was:
a. iron railroad tracks. b. wheat. c. cotton. d. slaves.
The benchmark interest rate that banks use as a reference point for a variety of consumer and business loans is the:
A. federal funds rate. B. prime interest rate. C. discount rate. D. Treasury bill rate.