If the income elasticity of demand is negative, this means that the good is
a. an inferior good
b. sold at a lower than equilibrium price
c. provided by a monopoly producer
d. provided by competitive producers
e. a normal good
A
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Which of the following is most likely to be an inferior good?
A. rice B. designer coats C. ocean cruises D. steak
The Federal Reserve System has
A) 50 district banks. B) 12 district banks. C) 24 district banks. D) 7 district banks.
In the price-taker model, what impact does the individual firm have on the price of its product?
a. The firm must accept the price determined in the market if it is going to sell its product. b. The firm may raise or lower its price to a small extent, but sales revenues will tend to be the same regardless of price. c. The firm may raise its price and, thereby, increase its revenues. d. The firm may raise or lower its price to a considerable extent, but sales revenues will tend to be the same regardless of price.
When measuring ________ for the purpose of classifying people as poor, the measurement used is money income.
A. employment B. income C. wealth D. All of the above are correct.