Ceteris paribus, the fear among travelers created by the 9-11 attacks would have what impact on the market for air travel?
a. an increase in equilibrium price and an increase in equilibrium quantity.
b. an increase in equilibrium price and a decrease in equilibrium quantity.
c. a decrease in equilibrium price and an increase in equilibrium quantity.
d. a decrease in equilibrium price and a decrease in equilibrium quantity.
Question 2
What is the impact of a 10 billion tax cut on consumer spending, if MPC is equal to 0.8?
a. 50 billion
b. 40 billion
c. 10 billion
d. 20 billion
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