Economists who believe that a balanced budget is unnecessary and harmful argue that economic booms should automatically lead to smaller deficits or larger surpluses

In the life-cycle hypothesis, people are assumed to have a consumption pattern that leads them to dissave

A) at no point in their life. B) in the working years up to retirement. C) in their retirement years. D) in every year of their life.

In the above table, the cross price elasticity of demand (using averages) for Z with good X, when PX increases from $12 to $15, is approximately equal to

A) +1.03 B) +2.26. C) +0.44. D) -0.44.