In response to an increase in income, a buyer's demand for a particular good
A. won't change.
B. will always fall.
C. will always rise.
D. may rise or fall.
Answer: D
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Table 11-1 Y = C + I + G C = 500 + 0.8(Y?T) I = 300 G = 700 T = 0.25Y Refer to Table 11-1. What is the level of consumption in this model?
A. 2,950 B. 2,750 C. 2,550 D. 2,350 E. 2,150
A fireworks show has been arranged in a park. The ticket for the show is $5 but only 40% of the tickets get sold as spectators can watch the show without entering the park. This is an example of ________
A) the free-rider problem B) the paradox of thrift C) the paradox of plenty D) the tragedy of the commons
Which of the following markets are competitive enough to be treated as perfectly competitive?
A all of the above B Agricultural markets C Copper D The U.S. airline industry E Coal, iron, tin and lumber
The belief that interest rates are the critical policy lever is associated with
A. Monetarists. B. New classical economists. C. Supply-siders. D. Modern Keynesians.