Every necessity is a normal good, but not all normal goods are necessities.
Answer the following statement true (T) or false (F)
False
Rationale: Necessities can be normal or inferior.
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Ann Marie is a Tea-Party Republican, but she decides to vote in the Democratic primary in order to vote against the most liberal candidate. This is an example of strategic voting
Indicate whether the statement is true or false
If demand is inelastic and the price of a product decreases by 10 percent, then
A) the change in quantity demanded is less than 10 percent. B) the change in quantity demanded is equal to 10 percent. C) the change in quantity demanded is greater than 10 percent. D) the decrease in quantity demanded is greater than 0 percent.
Which of the following would most likely increase the supply of college textbooks?
a. five major publishers go out of business b. paper costs double c. the wage rate of printers increases d. producers expect the price to rise in the future e. technology of book production improves
If the government were to increase its spending, it would expect:
A. aggregate demand to shift to the right. B. aggregate demand to shift to the left. C. aggregate supply to shift to the right. D. aggregate supply to shift to the left.