one of the four main categories of spending identified by John Maynard Keynes is government purchases
a. true
b. false
a. true
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If the demand for hamburgers decreases, the equilibrium price
A) rises and the equilibrium quantity increases. B) falls and the equilibrium quantity increases. C) rises and the equilibrium quantity decreases. D) falls and the equilibrium quantity decreases.
Peter's monthly income increases from $1,500 to $1,600. As a result, he increases the number of DVDs he buys per month from 2 to 3. Peter's demand for DVDs is
A) price elastic. B) price inelastic. C) income elastic. D) income inelastic.
People sometimes try to limit the options they have available. This
a. is consistent with rational economic behavior. b. can be explained by behavioral economic analysis c. explains why demand curves are sometimes vertical d. violates the assumption of transitive preferences e. occurs when income and substitution effects cancel out.
Which of the following do national income accountants consider to be investment?
a) the purchase of an automobile for private, non-business use b) the purchase of a new house c) the purchase of corporate bonds d) the purchase of gold coins