Suppose an economy has a balanced federal budget, and a favorable supply shock hits the economy. Tax revenues will ________ and expenditures on transfer payments will ________, resulting in a budget ________.

A sudden and pronounced loss of value of one nation's currency against others is known as a:

a. currency crisis. b. forced devaluation. c. thinning of value. d. default.

When the consumer spends less than 1% of his income on a good, demand will be

A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.