The key difference between the primary and secondary bond markets is that __________ bonds are traded on the primary market, while __________ bonds are traded on the secondary market

The income effect of an increase in the price of backpacks (a normal good) is a(n)

a. decrease in the demand for backpacks b. decrease in the quantity demanded of backpacks c. increase in the demand for backpacks d. increase in the quantity demanded of backpacks e. new demand curve because everything else is no longer constant

Critics of supply-side economics agree that shortly after the Reagan tax cuts were put into place, the economy began to expand. These critics, though, argue that the expansion did not result from the supply-side policies, but rather from

A. the fact that the Federal Reserve dramatically increased the money supply at the same time that the tax cuts became effective. B. a very large increase in the demand for U.S. exports at the same time that U.S. imports fell dramatically. C. the self-correcting nature of the economy. D. the increases in government spending that occurred at the same time the tax cuts became effective.