Answer the following statement true (T) or false (F)
1) Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the
weekend does not.
2) An economy will always operate at some point on its production possibilities curve.
3) In drawing a particular budget line, money income and the prices of the two products are
fixed.
4) The lower the consumer's income, the higher his or her budget line.
1) F
2) F
3) T
4) F
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A supply schedule
A) can be used to generate a supply curve. B) is a table reflecting the inverse relationship between price and quantity supplied. C) shows what happens to quantity supplied when price is held constant. D) all of the above.
If crowding out exists, the expansionary effect of government spending will be:
a. smaller than intended. b. negative. c. infinite. d. larger than intended. e. zero.