The federal government debt ________ when the federal government runs a deficit and ________ when the federal government runs a surplus

Present bias implies that:

A) a consumer gives much more weight to the future than to the present. B) a consumer gives much more weight to the present than to the future. C) discount weights for delayed consumptions will always equal one. D) discount weights for delayed consumptions will always be greater than one.

For most products, purchases tend to fall with decreases in consumers' incomes. Such products are known as

A. average goods. B. inferior goods. C. direct goods. D. normal goods.