Since the income elasticity for food is estimated to be 0.51, it appears that the proportion of income spent by poor people on food is ____ the proportion spent by those with higher incomes

In the United States since 1970, how has the use of credit cards affected the demand for M1 as a percentage of GDP?

What will be an ideal response?

Suppose John is a conservative and the economy is in a recession. Which fiscal policy does he recommend?

a. increase taxes b. decrease taxes c. increase G spending d. decrease G spending e. increase the money supply