There is an increase in both consumer income and in the price of jet fuel, an important resource used to produce air travel. If air travel is a normal good, how will these changes influence the price and quantity purchased of air travel? The change in the price of air travel will (be) ____ and the change in the quantity purchased will (be) ____.
a. indeterminate; decrease
b. increase; indeterminate
c. decrease; indeterminate
d. indeterminate; increase
Question 2
Supply-side economics stress that:
a. aggregate demand is the major determinant of real output and aggregate employment.
b. tax rates are not a major determinant of real output and aggregate employment.
c. an increase in government expenditures financed by higher tax rates will cause RGDP to rise.
d. marginal tax rate changes can exert a significant impact on RGDP, even in the long run.
Figure 7.1 shows the rapid decline in the trust of Americans in government since the 1960s. This de
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