Suppose the U.S. government banned the sale and production of cigarettes. Which of the following would be most likely to occur?
a. No one would smoke anymore.
b. The amount of violence involved in the buying and selling of cigarettes would increase.
c. The price of cigarettes would decrease.
d. The supply for cigarettes would become elastic.
B
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The consumption function shows
A) a positive relationship between an individual's stock of wealth and his level of planned consumption. B) a negative relationship between planned consumption and aggregate saving. C) a positive relationship between disposable income and planned consumption. D) a negative relationship between disposable income and planned consumption.
When the U.S. experiences economic growth, the poverty rate will:
A. fall, because growth has benefited everyone. B. increase, because growth typically only benefits the richest 1 percent. C. fall, because growth typically helps the poor more than the wealthy. D. increase, because growth has benefited the wealthy more than the poor.