The Introduction to This Chapter Says That,attractive as Barack Obama

question 83

Multiple Choice

The introduction to this chapter says that,attractive as Barack Obama was as a candidate,any Democrat would have fared as well as he did.This suggests that __________.

• A)there were more Democratic voters than in any previous election
• B)voters were willing to give a Democrat a try after eight years of Republican control of the White House
• C)voters may have been voting against the Republican as much as for the Democrat
• D)there were fewer Republican voters than in any previous election
• E)the Republican candidate was far less qualified for the job than the Democratic candidate

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Definitions:

Income

Funds acquired regularly as earnings from employment or investment returns.

Substitution Effect

The change in consumption patterns due to a change in relative prices, holding the consumer's utility level constant.

Income Effect

The change in an individual's consumption choices resulting from a change in real income, due to changes in price.

Optimal Consumption Bundle

The mix of products and services that optimizes a buyer's satisfaction within their spending limit.