Jaime’s income elasticity for science fiction novels is 1.2 and for mystery novel -1. For Jaime, science fiction novels are ____________and mystery novels are ____________:
a. normal; normal
b. normal; inferior
c. inferior; normal
d. inferior; inferior
d. inferior; inferior
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Refer to the following graph. An increase in supply is reflected as
a. a shift of the supply curve from S to S2.
b. a shift of the supply curve from S to S1.
c. a shift of the supply curve from S1 to S2.
b. a change in the quantity supplied from 6.8 to 5.2 million minutes when price is $12.50.
The Euro, like the European Monetary Union which preceded it, is
A) opposed by most politicians. B) favored by most economists. C) likely to improve the use of monetary policy to deal with contractionary shocks which strike only one or two countries in Europe. D) all of the above. E) none of the above.
The time required to acquire information about the state of the economy is referred to as
A) the action time lag. B) the recognition time lag. C) the effect time lag. D) the data lag.
Suppose GDP is $10 billion, consumption expenditure is $7 billion, investment is $2 billion, and government purchases of goods and services is $2 billion. Net exports of goods and services must be
What will be an ideal response?