A good is said to be a normal good when
a. decreases in income lead to an increase in demand for the good
b. decreases in income lead to a decrease in demand for the good
c. increases in income lead to a decrease in demand for the good
d. increases in price lead to a decrease in the quantity demanded of the good
e. increases in price lead to a decrease in demand for the good
B
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A computer software program is most strongly an example of
A) real property. B) fiat property. C) intellectual property. D) vicarious property.
The decision about what goods and services will be produced in a centrally planned economy is made by
A) producers deciding what society wants most. B) lawmakers in the government deciding on what will be produced. C) consumers dictating to firms what they need most. D) workers deciding to produce only what the boss says must be produced. E) consumers and firms choosing which goods and services to buy or produce.
Who runs the Federal Reserve System? Describe the organizational structure of the Fed
The principal goal of the Treaty of Maastricht was the creation of a
a. fixed exchange rate system. b. floating exchange rate system. c. gold-exchange system. d. monetary union.