Which of the following statements best describes balanced budget amendments?
a. A balanced budget amendment allows small, temporary deficits that might, in some cases, be necessary.
b. A balanced budget amendment prevents even small, temporary deficits that might, in some cases, be necessary.
c. A balanced budget amendment allows large, temporary deficits that might, in some cases, be necessary.
d. A balanced budget amendment prevents large, temporary deficits that might, in some cases, be necessary.
b. A balanced budget amendment prevents even small, temporary deficits that might, in some cases, be necessary.
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Why is it customary to report price elasticity of demand in absolute value terms, while cross elasticities and income elasticities are reported with their sign attached?