Normal goods have positive income elasticities of demand, while inferior goods have negative income elasticities of demand
a. True
b. False
Indicate whether the statement is true or false
True
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In the 1990s, the rising value of the U.S. dollar made imported goods cheaper and this shifted the
A. aggregate demand curve outward. B. aggregate supply curve inward. C. aggregate supply curve outward. D. total expenditures curve upward.
During the 1930s,
a. ordinary citizens were not allowed to hold gold. b. the US government fixed the price at which the Treasury would by and sell gold. c. production of gold soared. d. All of the above are correct. e. Only a and b are correct.
A line that rises at a 45 degree angle has a slope of
a. 0.45. b. 1. c. 45. d. 1/45.
An increase in the capital stock has the same effect on the production function as an increase in
a. labor. b. output. c. GDP. d. technology.