The price of peaches goes up and I observe you buying more strawberries. This implies strawberries must be a normal good.
Answer the following statement true (T) or false (F)
False
Rationale:
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Which of the following would cause an upward shift in the consumption function?
A. A stock market crash B. An increase in the price level C. A decrease in disposable income D. A decrease in the price level
The central characteristic of oligopolistic industries is:
A. price competition. B. interdependent pricing decisions. C. few or no economies of scale. D. flexible prices.
Figure 19-2
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Of the graphs in Figure 19-2, which one shows the effects on the exchange rate of an expansion in Japan?
A. 1 B. 2 C. 3 D. 4
Education leads to external benefits because
A) the people who become better educated get better jobs. B) better educated people commit fewer crimes. C) better educated people are less lazy. D) little pollution is created when educating people. E) better educated people are more productive.