A decrease in income causes demand for a normal good to ________, and an increase in income causes demand for an inferior good to ________.
Fill in the blank(s) with the appropriate word(s).
Answer: decrease; decrease
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In 1995, the CPI was 152.5 and the price of an economics textbook was $70.00 and a music CD was $16.00. If the CPI was 172.3 in 2011, what were the prices of the economics textbook and the music CD in 2011 dollars?
What will be an ideal response?
In the knowledge economy
A) physical property rights appear to be lacking. B) property rights have become stronger. C) property rights have been replaced by network externalities. D) intellectual property rights appear to be lacking.
The president has influence on Federal Reserve policy because
a. he can veto any Fed policy. b. he appoints the board members and the chair. c. he can fire the chair. d. he can replace board members at any time.
Traditional economic models highlight social dimensions of economic problems.
Answer the following statement true (T) or false (F)