Which of the following contributed to the clear advancement of the automobile and steel industries?
(a) Oligopoly behavior
(b) Voluntary export restrictions
(c) Quotas set for the number of foreign products entering the U.S.
(d) Dynamic entrepreneurialism
(d)
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If disposable income decreases during a recession, there is
A) no change in consumption expenditures. B) movement upward along the consumption function. C) movement downward along the consumption function. D) an upward shift in the consumption function. E) a downward shift in the consumption function.
When the price elasticity of demand is small in magnitude, a _____ increase in the price leads to a _____ reduction in the amount purchased and the demand curve is relatively ____.
A. slight; substantial; steep B. slight; slight; flat C. large; slight; steep D. slight; substantial; flat