A good may be inferior at some income levels and normal at others
What will be an ideal response?
True. A consumer may demand more of the good at low income levels and less of the good at higher income levels. Hamburger or macaroni and cheese dinners may be examples of such goods.
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The Department of Commerce sums the payments made to resources to arrive at GDP in the form of wages, rents, interest, profits, indirect taxes, and depreciation. This method of deriving GDP is called the:
a. opportunity cost approach. b. income approach. c. expenditure approach. d. monetarist approach.
Relative to direct cash payments, in-kind transfers have the advantage of being
a. more politically popular. b. more efficient. c. more respectful of the poor. d. of a higher dollar value than cash payments.
If you double input, output less than doubles.
What will be an ideal response?
Based on the above figure, if countries "A" and "B" faced the production possibilities curves above, both countries would benefit if
A. they both produced both industrial and agricultural goods. B. they did not trade. C. "B" produced industrial goods, and "A" produced agricultural goods. D. "A" produced industrial goods, and "B" produced agricultural goods.