If the quantity supplied of a product is less than the quantity demanded, then:
a. There is a surplus of the product
b. There is a shortage of the product
c. The product is an inferior good
d. The product is a normal good
b. There is a shortage of the product
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NIPA benchmark revisions are those that
A. are the final revision of the data. B. incorporate changes in seasonal factors. C. affect data back in time, sometimes as long ago as 1947. D. use income-tax information.
An economist estimates that with every 15 percent increase in income, the quantity of turkey purchased declines by 1.8 percent. From this information one would conclude that turkey is:
A. a luxury. B. a necessity. C. a normal good. D. an inferior good.
The figure above shows the market for airline tickets. In early 2008 the price of jet fuel rose. This change is shown in the figure as a shift from
A) D0 to D1. B) D1 to D0. C) S0 to S1. D) S1 to S0.
[NeedAttention]
Exhibit 30-2
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