Expenditure changes may be potentially inequitable, as are tax changes, because
A) their spatial distribution must be determined by the legislature.
B) their spatial distribution must be determined by the Fed.
C) the government is slow to implement new programs.
D) unlike Japan, public works projects are the province of the executive branch.
A
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A Giffen good
A) is always the same as an inferior good. B) is the special subset of inferior goods in which the substitution effect dominates the income effect. C) is the special subset of inferior goods in which the income effect dominates the substitution effect. D) must have a downward sloping demand curve.
An elastic response in the quantity of a good demanded would be caused by
A. the availability of many substitutes. B. a lack of sensitivity to the good's price. C. the good representing a small portion of a person's budget. D. a lack of substitutes.
An economy's aggregate demand curve shifts leftward or rightward by more than changes in initial spending because of the:
A. net export effect. B. wealth effect. C. real-balances effect. D. multiplier effect.
A firm's net income is its revenue minus its costs of production.
Answer the following statement true (T) or false (F)