A consumer consumes two normal goods, coffee and chocolate. The price of coffee rises. The income effect, by itself, suggests that the consumer will consume
a. more coffee and more chocolate.
b. less coffee and less chocolate.
c. more coffee and less chocolate.
d. less coffee and more chocolate.
b
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If there was a federal budget surplus it would make it possible to
A) decrease taxes in order to improve the equity and efficiency of the tax system. B) increase spending on priorities. C) reduce the national debt. D) any of the above.
Many economists conclude that in-kind income programs have served to increase levels of inequality significantly from the levels suggested by aggregate income statistics
a. True b. False Indicate whether the statement is true or false
If your assets are highly liquid, this means you can make transactions on short notice.
Answer the following statement true (T) or false (F)
The largest labor union in the United States is the
A) National Education Association. B) International Brotherhood of Teamsters. C) United Food and Commercial Workers International Union. D) Service Employees International Union.