A good is said to be "normal" if:
A. it is of high quality.
B. consumers buy more of it at a high price.
C. it has few substitutes.
D. it has a positive income elasticity of demand.
Answer: D
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The opening of export markets for primary products can provide employment for previously underutilized land and labor. The term for this is
(a) vent for surplus. (b) comparative advantage. (c) Prebisch-Singer thesis. (d) barter trade.
In the U.S., government expenditure accounts for
a. 10% of GDP b. 20% of GDP c. 40% of GDP d. government expenditure is not included in GDP
The Occupational Safety and Health Administration (OSHA) attempts to stop safety violations in business through inspections and fines. Though workers are supposed to earn a premium wage for working in more risky environment, the OSHA inspections may be a good idea because
A. employees may already understand the risks that they are exposed to on the job. B. there are never any societal costs or externalities to dangerous working conditions. C. employees might not have good information about the level of danger. D. inspections and fines may raise the cost of production significantly.
According to the paradox of voting,
What will be an ideal response?