An increase in demand for a good can be caused by :

An increase in demand for a good can be caused by

A) a decrease in the price of a substitute good.
B) a reduction in income if the good is a normal good.
C) a decrease in the price of a complementary good.
D) an increase in price of a complementary good.

Ques. 2

If the government's spending exactly equals its revenues during a budget year, that government is

A) running a budget deficit.
B) experiencing a budget surplus.
C) balancing its budget.
D) paying off its public debt.

Ques. 3

The curve that represents all possible combinations of goods that can be produced is called

A) the production possibilities curve.
B) the resource allocation curve.
C) the efficiency curve.
D) the supply curve.

Ques. 4

If supply and demand both simultaneously increase

A) the market clearing price definitely rises, and the equilibrium quantity definitely falls.
B) the market clearing price definitely rises, and the effect on the equilibrium quantity is indeterminate.
C) the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate.
D) the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely rises.

Ques. 5

Local government expenditures depend on which taxes?

A) revenues from licenses and permits
B) local property, sales, and excise taxes
C) capital gains taxes
D) Social Security taxes

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An increase in demand for a good can be caused by :

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