Which of the following would likely result in an increase in the demand for beef?
A. A decrease in the price of pork
B. An increase in the price of feed grains for cattle
C. An increase in family incomes
D. A decrease in the supply of beef
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. The substitution effect insures that anytime there is a change in the price of a good, the quantity demanded along a compensated demand curve also changes. 2. The (ordinary) demand curve for a normal good must be downward sloping. 3. An inferior good is only Giffen when the substitution effect exceeds the income effect. 4. An ordinary demand curve contains both substitution and income effects, while a compensated demand curve contains only income effects. 5. The income elasticity of demand is equal to the slope of the Engel curve.
According to your text, which group of scientists are completely free from biases?
A) Physicists B) Biologists C) Economists D) All of the above. E) None of the above.
Government decreasing taxes is an example of:
A. expansionary fiscal policy. B. contractionary fiscal policy. C. expansionary monetary policy. D. contractionary monetary policy.
Fiscal policy is:
A. easy to enact but slow to affect the economy. B. difficult to enact but quick to affect the economy. C. easy to enact and quick to affect the economy. D. difficult to enact and slow to affect the economy.