Computers and software programs are
a. inferior goods
b. complementary goods
c. goods with a cross-price elasticity of demand of 0
d. substitute goods
e. perfectly elastic goods
B
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Discretionary fiscal policy is so named because it
A) is undertaken at the order of the nation's central bank. B) involves specific changes in taxes and government spending undertaken by Congress and the president. C) occurs automatically as the nation's level of GDP changes. D) involves secret advice given by the Council of Economic Advisers to the president.
The fraction of a change in disposable income that is consumed is called _____
Fill in the blank(s) with the appropriate word(s).
When you purchase a new pair of jeans you do so in the
A) factor market. B) input market. C) product market. D) resource market.
Taxes:
A. are sometimes used to correct market failures. B. may benefit many of the consumers in the market. C. are sometimes used to transfer surplus from consumers to producers. D. are sometimes used to transfer surplus from producers to consumers.