The cost of a bachelor's degree in philosophy equals the tuition plus the cost of room and board.

What term is defined as the change in the amount consumers will buy because the purchasing power of their money changes?

a. consumer taste b. consumer expectation c. income effect d. substitution effect

In comparison to a government that runs a balanced budget, when the government runs a budget deficit,

A) business investment will fall. B) the equilibrium interest rate will fall. C) household savings will fall. D) none of the above