Suppose a consumer spends his income on CDs and DVDs. If his income decreases, the budget constraint for CDs and DVDs will

a. shift outward, parallel to the original budget constraint.
b. shift inward, parallel to the original budget constraint.
c. rotate outward along the CD axis because he can afford more CDs.
d. rotate outward along the DVD axis because he can afford more DVDs.

b

Economics

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The economy entered a recession in January of 2015, but GDP data alluding to the start of the recession was not published and analyzed by the Fed until July 2015. This exemplifies a(n)

A) recognition lag. B) implementation lag. C) impact lag. D) liquidity lag.

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Implementation of the National Industrial Recovery Act (1933) positively impacted overall industrial production

Indicate whether the statement is true or false

Economics