If the income elasticity of a particular good is negative 0.2, it would be considered
A) a superior good.
B) a normal good.
C) an inferior good.
D) an elastic good.
C
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An increase in the interest rate would ________.
A. increase consumption B. decrease government purchases C. decrease investment D. increase net exports
The ratio of the increase in ________ to the increase in ________ is called the multiplier
A) induced expenditure; equilibrium real GDP B) autonomous expenditure; equilibrium real GDP C) equilibrium nominal GDP; autonomous expenditure D) equilibrium real GDP; autonomous expenditure
The higher the opportunity cost of attending college,
A) the more likely an individual will go to college. B) the more economics classes an individual will take at college. C) the fewer economics classes an individual will take at college. D) the less likely an individual will go to college.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.