If income rises by 10 percent and the quantity sold of a particular vehicle falls by 7 percent, then this particular type of vehicle is
A. An inferior good.
B. A normal good.
C. An irregular good.
D. A substandard good.
Answer: A
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If the overall unemployment rate is 8 percent, then the cyclical unemployment rate is _____ percent.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is FALSE?
A) disposable income - saving = consumption B) consumption + saving = disposable income C) saving = disposable income - consumption D) consumption = saving - disposable income
Which of the following individuals would be considered unemployed?
A) an individual who works only part-time B) an individual who works full-time in a family business, but is not paid C) an individual who is not working and is not looking for work D) all of the above E) none of the above
Some economists advocate government intervention in a market economy when resource costs for a private producer ________ to society.
A. do not reflect the full cost B. are equal to the full cost C. are greater than the full cost D. have no relevant cost