With only two goods, if the income effect is in the opposite direction as the substitution effect but the income effect dominates then the good is
a. normal
b. inferior but not Giffen
c. Giffen
d. There is not enough information to answer.
c
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Waste systems and highways are part of a nation's infrastructure
a. True b. False Indicate whether the statement is true or false
In general output per hour rises at _____ real wages.
A. a much higher rate than B. a somewhat higher rate than C. about the same rate as D. a somewhat lower rate than
Organize the steps an economist would follow in the model-building process into their proper order. - Develop a model based on simplifying assumptions - Collect data - Identify the problem - Formulate a conclusion
A. 1. Develop a model based on simplifying assumptions. 2. Collect data. 3. Identify the problem. 4. Formulate a conclusion B. 1. Collect data. 2. Develop a model based on simplifying assumptions. 3. Identify the problem. 4. Formulate a conclusion. C. 1. Identify the problem. 2. Develop a model based on simplifying assumptions. 3. Collect data. 4. Formulate a conclusion D. 1. Formulate a conclusion. 2. Collect data. 3. Identify the problem. 4. Develop a model based on simplifying assumptions.
A liability to a bank is
A. something that the bank owns. B. something that the bank owes. C. something a customer owes the bank. D. the value of bank buildings and hardware.