Changes in the price level will not shift the consumption function
a. true
b. false
b. false
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The United States typically experiences a large surplus of milk annually. This is caused by
A. a price ceiling in the market. B. not enough demand for milk. C. a price floor in the market. D. overproduction of milk by the cows.
Which of the following goods are most likely to be substitutes?
a. potato chips and chip dip b. bread and peanut butter c. ketchup and French fries d. bananas and apples
Critics of the supply-side tax cuts proposed by the Reagan administration argued that lower taxes would:
a. increase the budget deficit. b. decrease money supply in the economy. c. reduce the aggregate price level. d. reduce the disposable income of households. e. reduce the volume of international trade.
Factors of production do not include
a. land b. labor c. money d. capital e. entrepreneurship