When income rises, total expenditures remain constant.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Suppose the country of Quasiland experienced a decrease in real GDP and people were laid off from their jobs. The people would be considered part of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) discouraged workers.
If Joe receives an increase in his wage rate and decides to decrease his hours worked, the
A) substitution effect and the income effect must be equal. B) substitution effect must exceed the income effect. C) income effect must exceed the substitution effect. D) substitution effect must be zero.
Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts less than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
The Safety Fund System
a. operated similarly to the modern Federal Deposit Insurance Corporation. b. was a clearinghouse for banks. c. was established by Nicholas Biddle. d. was used primarily prior to 1863 in Louisiana. e. All of the above.