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Effect of the food stamps on finley cash expenditure

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Reference no: EM132639086

Suppose Finley spends $1,000 a year on food. The government now gives him $500 in food stamps. What do we know about Finlay's spending? Assume food is a normal good.

(Select each correct answer.)

1. The effect of the food stamps on Finley's cash expenditure must be the same as the effect of a hypothetical $500 gift in cash

2. The effect of the food stamps on Finley's cash expenditure must be the same as the effect of a hypothetical $500 voucher than can be spent only on non-food

3. Finlay might consume exactly $1,000 a year on food

4. Finlay might consume less than $1,000 a year on food

Reference no: EM132639086

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