If the demand for sardines increases as income decreases, sardines are a(n)
A. substitute good.
B. inferior good.
C. normal good.
D. complementary good.
Answer: B
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Use the following table to answer the next question.YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $5,320 billion B. $4,911 billion C. $4,820 billion D. $4,875 billion
The analysis of economic outcomes before and after some economic variable is changed is referred to as:
A) cardinal research. B) comparative statics. C) Pareto analysis. D) marginal study.
Contractionary fiscal policy, other things being equal, will tend to: a. increase interest rates. b. increase investment
c. increase net exports. d. do both (b) and (c).
Which of the following would lead to an (eventual) increase in the labor force by shifting the labor demand curve?
a. A trend toward earlier retirement ages b. An increase in the working-age population c. A reduction in the number of guaranteed student loans d. An increase in college work-study programs e. A decrease in personal income tax rates