In an expansion,
a. federal budget deficits tend to rise
b. federal budget deficits tend to fall
c. the federal debt tends to rise faster than in a recession
d. federal government tax receipts tend to fall
e. there is pressure on the Fed to monetize the debt
B
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The perfectly competitive firm's marginal revenue curve is
A) exactly the same as the marginal cost curve. B) downward-sloping, at twice the (negative) slope of the market demand curve. C) vertical. D) horizontal. E) upward-sloping.
Given the typical income elasticity for food, a 10 percent increase in income will lead to
A. An increase in food demand of more than 10 percent. B. An increase in food demand of less than 10 percent. C. An increase in food demand of 10 percent. D. A decrease in food demand of less than 10 percent.