Demand for a specific brand ______ demand for the corresponding product category.
Fill in the blank(s) with the appropriate word(s).
Answer: greater than the change in quantity demanded for D2 so D1 is more elastic than D2.
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A budget surplus means that
A. government expenditures are greater than revenues in a given year. B. government revenues are greater than expenditures in a given year. C. a nation's imports are greater than its exports. D. a nation's exports are greater than its imports.
In the model yt= 
0+ 1xt1+
style="vertical-align:middle;" />2xt2+ ….. + kxtk + ut, the explanatory variables, xt = (xt1, xt2…., xtk), are sequentially exogenous if:
A. E(ut|xt , xt-1, ……) = E(ut) = 0, t = 1,2, ….
B. E(ut|xt , xt-1, ……) 
E(ut) = 0, t = 1,2, ….
C. E(ut|xt , xt-1, ……) = E(ut) > 0, t = 1,2, ….
D. E(ut|xt , xt-1, ……) = E(ut) = 1, t = 1,2, ….
The real business cycle theory
A. is an extension of the adaptive expectations theory of business cycles. B. suggests that instability is caused by shifts in the aggregate demand curve caused by changing consumer confidence in the economy. C. suggests that instability is caused by shifts in the long-run aggregate supply curve. D. is an extension of the Keynesian view of business cycles.
Social Security is a pure transfer program because
A) it transfers funds from current workers to the poor. B) the government transfers funds from middle-income workers to welfare recipients. C) current payroll taxes are used to pay the eligible retirees. D) the government subsidizes the medical bill of the poor.