Food and clothing tend to have
a. small income elasticities because consumers, regardless of their incomes, choose to buy relatively constant quantities of these goods.
b. small income elasticities because consumers buy proportionately more of both goods at higher income levels than they buy at low income levels.
c. large income elasticities because they are necessities.
d. large income elasticities because they are relatively inexpensive.
a
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Which policy measure bans spinning?
A) Sarbanes-Oxley Act of 2002 B) Global Legal Settlement of 2002 C) Gramm-Leach-Bliley Act of 1999 D) Riegle-Neal Act of 1994
A map is an example of a model because a map
A. is two-dimensional. B. realistically describes an area. C. is a simplified representation of reality. D. is always as complex as space will permit.
In the 1980s, expansionary fiscal policy is believed to have crowded out
A) domestic investment as interest rates rose. B) exports and imports as interest rates rose. C) exports but not domestic investment as interest rates rose. D) domestic investment as interest rates fell.
When compared with other governments around the world, government spending in the United States as a percentage of GDP_____
a. is generally lower than similar countries b. is generally higher than similar countries c. is about average relative to similar countries d. is impossible to compute because of differences between countries