Engel's law suggests that the demand for food is
a. income inelastic
b. income elastic
c. price inelastic
d. price elastic
e. highly correlated with population size
A
You might also like to view...
It has been said that “economics is the science of common sense.” Is economics synonymous with common sense?
What will be an ideal response?
A downward-sloping straight line exhibits a direct relationship between two variables
a. True b. False Indicate whether the statement is true or false
The supply of loanable funds comes from:
A. savings. B. investment. C. borrowers. D. taxes.
When a bank grants a loan to a customer who then keeps the funds in her checking account at that bank, then the bank's:
A. Actual reserves will increase B. Required reserves will increase C. Actual reserves will decrease D. Excess reserves will stay the same