According to the intertemporal substitution effect, a higher price level
A) decreases the quantity of real GDP demanded.
B) lowers the costs of building new plants and equipment.
C) increases the quantity of real GDP demanded.
D) makes it less costly for people to buy houses and cars.
Question 2
Which of the following is TRUE?
A) Lotteries work best when a resource can serve just one user at a time in a sequence.
B) A market price always allocates resources better than a command system.
C) In the United States, how tax dollars are allocated among competing uses is an example of how resources are allocated by majority rule.
D) Force has never played an important role in allocating scarce resources.
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