An increase in money income shifts the consumer's:
A) budget line to the right.
B) budget line to the left.
C) indifference curves to the left.
D) indifference curves to the right.
Ans: A) budget line to the right.
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Which of the following will cause an inward shift in the demand for steaks at a restaurant?
a. A report by the American Medical Association states that the consumption of steak reduces the risk of cardiovascular disease b. A 50 percent reduction in the price of steaks c. A double-digit increase in the price of chicken d. A recession leading to a significant fall in the income levels of consumers e. The expectation that the price of steaks will double within two months
The federal budget surplus recorded in 1998, resulted from a decrease in taxes and rapid growth in federal outlays
Indicate whether the statement is true or false