If the price of gasoline goes up, and Jacob now buys fewer candy bars because he has to spend more on gas, this would best be explained by
a. the substitution effect.
b. the income effect.
c. the highly elastic demand for gasoline.
d. all of the above.
B
Economics
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Describe the difference between technology and positive technological change
What will be an ideal response?
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Monetarists emphasize
a. crowding-out but not the liquidity trap. b. crowding-out and the liquidity trap. c. the liquidity trap but not crowding-out. d. neither crowding-out nor the liquidity trap.
Economics