Assume the income elasticity for a particular good has been estimated to be -0.68. Based on this information, we can infer that the good is inferior and a necessity
Indicate whether the statement is true or false
TRUE
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Which of the following statements is true of the Industrial Revolution?
A) It was a gradual process. B) It started in the capital goods industry. C) It was a period of rapid disruption. D) It started in the United States.
A graph of the relationship between two variables is a line that slopes down to the right. These two variables are ________ related
A) trend-line B) negatively C) positively D) not E) directly
Antitrust law is law that
A) does not allow individuals to open trust savings accounts. B) prohibits competition in certain industries. C) prohibits certain kinds of market behavior by firms. D) allows firms under special circumstances to be a monopoly.
The "real" price of a good is known as
A) the absolute price of the good. B) the dollar price of the good since we use dollars in the United States. C) relative price of the good. D) the price actually paid for a good instead of the sticker price.