For an inferior good, the income and substitution effects
A) work together.
B) work against each other.
C) can work together or in opposition to each other depending upon their relative magnitudes.
D) always exactly cancel each other.
B
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According to the quantity theory of money, in the long run, an increase in the quantity of money results in an equal percentage increase in ________
A) the price level B) the growth rate of real GDP C) the inflation level D) the growth rate of potential GDP
Which industry was first covered by a free trade agreement between Canada and the United States?
What will be an ideal response?
Experiments by psychologists and neuroscientists have consistently shown that people systematically ________ the strength of positive gut feelings and ________ the strength of negative gut feelings.
A. underestimate; underestimate B. underestimate; overestimate C. overestimate; underestimate D. overestimate; overestimate
Since 1970, the U.S. economy has experienced ________ recession(s).
A. 2 B. 3 C. 5 D. 6