_________________ —a term describing a good in which the quantity demanded falls as income rises and in which quantity demanded rises and income falls.
a. Complement good
b. Inferior good
c. Normal good
d. Superior good
b. Inferior good
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Refer to the scenario above. Which country has the lowest income per capita?
A) Ritzland B) Techland C) Eduland D) Neoland
Which statement best describes the two issues economists face when comparing the GDP of different nations?
a. The two issues economists face when comparing the GDP of different nations are natural resources and population. b. The two issues economists face when comparing the GDP of different nations are natural resources and tax codes. c. The two issues economists face when comparing the GDP of different nations are currency and natural resources. d. The two issues economists face when comparing the GDP of different nations are currency and population.
If the demand in a perfectly competitive market decreases, the price will:
A. temporarily increase. B. increase permanently. C. temporarily decrease. D. decrease permanently.
What fiscal policy actions did the U.S. government take in 2008 and 2009?
What will be an ideal response?