The conservative theory of poverty blames _____ for welfare dependency.
A. the poor
B. the government
C. both the poor and the government
D. neither the poor nor the government
C. both the poor and the government
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During the winter of 2011-2012, the price of fuel oil increased enormously but the quantity demanded decreased only a little. This response indicates that the demand for fuel oil was
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
Tax expenditures can be viewed as government spending through the tax code
a. True b. False
Which of the following are examples of situations in which the standard model of the consumer may not be realistic?
A) Impulse purchases B) Following fads and fashions instead of one's own preferences C) Addictions or other strong habits in consumption D) all of the above
Which of the following is true during the expansionary phase of the business cycle?
A. The unemployment rate increases B. The inflation rate decreases C. Real GDP increases D. Population falls