The U.S. debt problem is caused by the government only; individuals don't go into debt
a. True
b. False
Indicate whether the statement is true or false
False
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Figure 4-23
In Figure 4-23, which of the following movements would be caused by a change in income?
A. A to C B. C to A C. B to D D. B to A
How does the concept of elasticity allow us to improve upon our understanding of supply and demand?
a. Elasticity allows us to analyze supply and demand with greater precision than would be the case in the absence of the elasticity concept. b. Elasticity provides us with a better rationale for statements such as "an increase in x will lead to a decrease in y" than we would have in the absence of the elasticity concept. c. Without elasticity, we would not be able to address the direction in which price is likely to move in response to a surplus or a shortage. d. Without elasticity, it is very difficult to assess the degree of competition within a market.
The long-run aggregate supply curve is:
What will be an ideal response?
Government is on the:
A. demand side of factor markets and the supply side of goods markets. B. supply side of factor markets and the demand side of goods markets. C. demand side of both factor markets and goods markets. D. supply side of both factor markets and goods markets.