According to Figure 6.1:
A. soup is a normal good.
B. soup is an inferior good.
C. soup is a Giffen good.
D. bread is an inferior good.
A. soup is a normal good.
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The expenditure multiplier in the ISLM framework is smaller than that derived from the simple Keynesian model because
A) velocity is always assumed to be constant. B) the economy is assumed to be in the liquidity trap. C) the aggregate supply curve is assumed to be horizontal. D) the LM curve is assumed to have a positive slope.
The second largest source of tax revenue for the federal government is
a. payroll taxes b. the personal income tax c. the corporate income tax d. excise taxes e. the sales tax
A public utility would be an example of
A. a natural monopoly. B. an unnatural monopoly. C. an unregulated private monopoly. D. a competitive monopoly.
According to the new growth theory
What will be an ideal response?