Fill in the blanks. The demand curve for an inferior good is _________ sloping, while the demand curve for a Giffen good is _______ sloping.
a. downward; downward.
b. downward; upward.
c. upward; downward.
d. upward; upward.
b. downward; upward.
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Poland is classified as
A) an advanced economy. B) a developing economy. C) a transition economy. D) an emerging market economy. E) private economy.
Over the last 50 years, has the ratio of household production to gross domestic product in the United States increased or decreased? Consider the effect of the increased number of women working outside the home, and the effect of advances in
technology in household production such as microwaves, coffee makers, power tools, etc.
Suppose the wage earned by pear pickers suddenly rises. Which of the following effects would we most likely observe as a result?
a. The supply of apple pickers would decrease and the equilibrium wage of apple pickers would decrease. b. The supply of apple pickers would decrease and the equilibrium wage of apple pickers would increase. c. The demand for apple pickers would increase and the equilibrium wage of apple pickers would decrease. d. The demand for apple pickers would decrease and the equilibrium wage of apple pickers would decrease.
The multiplier reaches its peak about ________ months after a spending increase began.
A. 3 B. 6 to 9 C. 9 to 12 D. 12 to 15