Given the Data in Table 1A

question 23

Multiple Choice

Given the data in Table 1A.4.2,suppose family income decreases from $400 to $300 per week.Then the graph relating the price of strawberries,measured on the y-axis and the number of boxes of strawberries purchased,measured on the x-axis will

• A)become negatively sloped.
• B)become positively sloped.
• C)shift rightward.
• D)shift leftward.
• E)no longer exist.

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Definitions:

Government Spending

Expenditures by the government sector on goods and services, including infrastructure, education, defense, and healthcare, impacting an economy's aggregate demand.

Budget Deficit

A situation where a government's expenditures exceed its revenues within a specific fiscal period, leading to borrowing or debt accumulation.

Loanable Funds

The funds accessible for lending within the financial market.

Equilibrium Interest Rate

The interest rate at which the quantity of money demanded equals the quantity of money supplied, stabilizing the economy.