If we observe that a consumer's budget constraint has shifted inward, we can assume that the consumer will buy
a. fewer normal goods and more inferior goods.
b. more normal goods and fewer inferior goods.
c. more normal goods and more inferior goods.
d. fewer normal goods and fewer inferior goods.
a
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Needs-tested spending is best described as
A) spending on programs that entitle qualified persons and businesses to receive benefits. B) spending on programs that have been tested in some manner. C) spending on programs that have proven over time to be sound investments. D) spending on programs that are considered necessities (needed) according to surveys of the public. E) not spending at all but a reference to the reliability of budget.
Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico which subsequently drove up natural gas, gasoline, and heating oil prices
Three years later, once the refining capacity was restored, these prices came back down. The restoration of refining capacity should A) move the economy up along a stationary short-run aggregate supply curve. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the left. D) shift the short-run aggregate supply curve to the right.
Under the Bretton Woods exchange rate system, ________ could sell their dollars to the American government in exchange for gold
A) American citizens B) foreign central banks C) foreign citizens D) all of the above
In many poor nations, the minimum standard of living is set so low that relatively few people get counted as poor
Indicate whether the statement is true or false