To say that turnips are inferior goods means that the income elasticity
A) is definitely greater than 1.
B) is definitely between 0 and 1.
C) is positive but could be greater than or less than (or equal to) 1.
D) is negative.
D
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
New growth theory argues that
A) growth relies on maintaining lower growth rates of population, especially in less developed countries. B) technology cannot be looked at as an outside factor without an explanation of what drives it. C) technology is the key factor that explains growth but technology is beyond economic explanation itself. D) growth is due to the proper government policies concerning interest rates.
Which of the following is true?
A) Local governments cannot collect taxes in the U.S. B) Only state governments can collect taxes in the U.S. C) Only the federal government can collect taxes in the U.S. D) The central as well as the local governments collect taxes in the U.S.
Head Start helps disadvantaged children in their preschool years
Indicate whether the statement is true or false