Which of the following is not a problem associated with the U.S. federal budget process?
a. The congressional committee framework
b. The lengthy budget process
c. The failure to meet deadlines
d. The lack of detail in the budget
e. Uncontrollable budget items
d
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Long-distance travel by bus is an inferior good. As people's incomes increase and other things remain the same, you predict that the
A) price of long-distance travel by bus will fall and the demand for long-distance travel by bus will increase. B) price of long-distance travel by bus will fall. C) demand for long-distance travel by bus will decrease and the price will rise. D) demand for long-distance travel by bus will increase as the price of long-distance travel by bus falls.
If the price elasticity of demand is 0.5, then a 10% increase in price results in a
A) 5% decrease in total revenues. B) 5% decrease in quantity demanded. C) 0.5% decrease in quantity demanded. D) 5% increase in quantity demanded. E) 50% reduction in quantity demanded.