Assuming that hamburger is an inferior good, an increase in consumer income, other things being equal, will cause a(n):
a. upward movement along the demand curve for hamburger.
b. rightward shift in the demand curve for hamburger.
c. downward movement along the demand curve for hamburger.
d. leftward shift in the demand curve for hamburger.
d
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In 1980, the U.S. budget was ________, private saving was ________ domestic investment, and foreign borrowing was ________
A) in deficit, higher than, not needed to finance deficit B) balanced, roughly equal to, not needed to finance deficit C) balanced, less than, substantial. D) surplus, greater, negligible
A program of protection that results in preserving jobs in certain industries
a. raises average productivity in all sectors of the economy. b. does so at very high cost to consumers of the products from those industries. c. is an efficient way to preserve employment, and is cheaper than other forms of maintaining full employment. d. is an effective way of encouraging innovation and improvement in production.
Answer the following statements true (T) or false (F)
1. The study of economics is not useful for consumers because economic analysis focuses only on businesses and the economy. 2. The scientific method does not apply to economics because economics studies human behavior which cannot be generalized. 3. Economic principles are value judgments about what the economy should be like or the way the economic world ought to be. 4. If falling gasoline prices are good for the consumers, then it must be good everyone in the economy.
The spot rate is the rate at which foreign currencies will be exchanged a specified number of days in the future
Indicate whether the statement is true or false