The Restriction That a Consumer's Total Expenditure on Goods and Services

question 207

Multiple Choice

The restriction that a consumer's total expenditure on goods and services purchased cannot exceed the income available is referred to as

• A) maximizing behavior.
• B) economizing behavior.
• C) the price constraint.
• D) the budget constraint.

---

Definitions:

Federalist Papers

A series of 85 articles and essays written by Alexander Hamilton, James Madison, and John Jay promoting the ratification of the United States Constitution.

U.S. Constitution

The supreme law of the United States, establishing the framework of the national government and the rights of the citizens.

Boston Tea Party

A political protest by the American Colonists against Great Britain in 1773 where they dumped chests of tea into the Boston Harbor in response to Tea Acts.

P.T. Barnum

A 19th-century American showman and businessman remembered for promoting celebrated hoaxes and for founding the Barnum & Bailey Circus.