Quasilinear goods are borderline goods between the set of normal and the set of inferior goods.
Answer the following statement true (T) or false (F)
True
Rationale: A quasilinear good is a good whose consumption remains unchanged with changes in income --- whereas an inferior good is a good whose consumption moves in the direction opposite to income and a normal good is a good whose consumption moves in the same direction as income.
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In monopolistic competition, firms can make an economic profit in
A) the short run and in the long run. B) the short run but not in the long run. C) the long run but not in the short run. D) neither the long run nor the short run.
The aggregate demand for home input can be written as a function of: I. Real exchange rate. II. Government spending. III. Disposable income
A) I only B) III only C) I and III D) II and III E) I, II, and III
Demand-pull inflation happens during periods of full employment in the business cycle when demand for goods and services is growing faster than supply
a. True b. False Indicate whether the statement is true or false
According to water resource economists
a. water is seldom in short supply anywhere in the world. b. we are not running out of water, but specific places do run short of water, given the status of their water supply arrangements and ease (or lack of) transferability of water among users. c. the world is running out of water, just as it is running out of accessible oil. d. there is no workable way to make water markets function properly, because in the end, we can't make more water the way we can make more bread or automobiles.