Refer to the information provided in Figure 3.4 below to answer the question(s) that follow.
Figure 3.4Refer to Figure 3.4. If consumer income increases, the demand for tuna fish sandwiches shifts from D0 to D1. This implies that tuna fish sandwiches are a(n)
A. normal good.
B. complementary good.
C. substitute good.
D. inferior good.
Answer: A
You might also like to view...
A point inside a production possibilities frontier
A) could indicate that some resources are unemployed. B) is unattainable. C) is more efficient than points on the production possibilities frontier. D) implies that too much capital and not enough labor are being used.
Refer to the scenario above. If the individual places his bet on one pocket, his likelihood of winning is:
A) 0.50%. B) 1%. C) 2%. D) 5%.
The Federal Reserve District Banks are owned by their ___________.
Fill in the blank(s) with the appropriate word(s).
According to real business cycle models
A) the economy is normally operating below the natural rate of unemployment. B) unexpected changes in monetary policy are the major source of fluctuations in real GDP. C) the economy is normally at potential GDP. D) the long-run Phillips curve is negatively sloped.