What term is defined as the change in the amount consumers will buy because they can buy a different product instead?

Financial crises seldom involve economic downturns

a. True b. False Indicate whether the statement is true or false

Irving Fisher argued for a tax on consumption instead of on income because

A. consumption is the best indication of ability to pay. B. the standard of living depends not on income, but on how much is consumed. C. a tax on consumption raises more revenue than a tax on income. D. a tax on income discourages saving by taxing savings twice.