The standard of living of people in a country is their per capita income.
a. true
b. false
Answer: a. true
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Goods are ________ when the income elasticity of demand is less than zero
A) substitutes B) complements C) inferior D) elastic E) normal
A person remodeling her house could obtain a loan from a
A) sales finance company. B) consumer finance company. C) business finance company. D) public finance company.
The substitution effect measures how
a. the quantity demanded of one good is influenced by a change in income, with prices constant b. the quantity demanded of one good is influenced by a change the price of another good c. marginal utility per dollar spent is affected by income changes d. an increase in the price of a good is effectively the same as a reduction in income e. the quantity demanded of one good is influenced by a change in the price of that good, with income constant
When will the difference between the actual deficit and the structural deficit be the smallest?
a. in a major recession b. in a major recession c. at full employment d. in an inflationary gap