Typically, the lower the level of income per person in a country, the lower the level of spending per person on health care. This relationship between income and spending indicates that health care is a
A) luxury. B) inferior good. C) necessity. D) normal good.
D
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All of these are characteristics of a competitive industry, except:
a. Many substitutes b. No barriers to entry c. Homogenous product d. Little or no information on rivals' products
Games:
A. will always have a dominant strategy. B. are always zero sum. C. will always have several stable outcomes. D. None of the above are true.
Assuming that bus travel is an inferior good, an increase in consumer income, other things being equal, will cause a(n):
a. upward movement along the demand curve for bus travel. b. downward movement along the demand curve for bus travel. c. rightward shift in the demand curve for bus travel. d. leftward shift in the demand curve for bus travel.
When the dollar depreciates, this shifts the AD curve rightward and the SRAS curve leftward, which will always lead to a higher Real GDP
Indicate whether the statement is true or false