If a Household's Income Declines, Then Its Budget Line Is

question 15

Multiple Choice

If a household's income declines, then its budget line is

• A)unaffected.
• B)going to be steeper.
• C)shift parallel, closer to the origin.
• D)shift parallel, further away from the origin.
• E)become more concave toward the origin.

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Definitions:

March 1933

A significant month during the Great Depression in the United States, marked by President Roosevelt's Bank Holiday and the beginning of New Deal policies.

Banks

Financial institutions that accept deposits from the public, lend money, and offer various other financial services.

National Railroad Network

A comprehensive system of railway lines and routes covering a national territory, facilitating passenger and freight transport.

Civil War

An internal conflict between factions or regions within the same country, where the factions fight for political control, ethnic or religious reasons, or territorial independence.