13.when the price of a product rises consumers with a given money income shift their purchase to other products whose price are nowrelativelylower. this statement describes

a)income effect

b) an infere good

c)rodatng function

d)substation effect

15.What is the disadvantion of using the concept of utility to study the satisfaction people receive from the decisions they make?

a)utility and satisfaction are the same

b)it is difficult to come up with therories

c) utility is objective

d)utilty is difficult to quantity

17.which of the following is a determinant of demand:

a)The growth in GDP that year

b)The price of related goods

c)The expection of the seller

d)The features added to a product

9.Jennifer pays 33 for a price of costume jewelry for she waswilling to pay $42. The minimum acceptable price to the seller Nathan was $30. Jennifer experiences

a)consumer surpluse of $9 and Nathan experiences a producer surpluse of $3

b)a producer surpluse of $9 and Nathan experiences a producer surplus of $12

c)a producer surpluse of $9 and Nathan experiences a consumer surplus of $3

d)a consumer surplus of $12 and Nathan experiences a producer surplus of $3

19.What have countries done to prevent the politicization of fiscal policy?

a)Decided to avoid engagging in fiscal policy

b)Returned to the gold standard to strenghtthe value of their currency

c)Passed laws required bi-partisan fiscal policy commissions

d)Set up independent central banks