The increase in the demand for widgets, shown in the figure above, is the result of an increase in income. Therefore, widgets
A) are a normal good.
B) are an inferior good.
C) are elastically demanded.
D) are inelastically demanded.
A
You might also like to view...
A "universal bank"
a. has branches in many countries. b. the same as a U.S. commercial bank. c. performs both traditional banking and merchant-banking functions. d. none of the above. e. all of the above
Answer the following statements true (T) or false (F)
1) The business cycle is primarily concerned with changes in the level of overall prices over time. 2) A sometimes short, sometimes extended period of declining output and living standards is referred to as a recession. 3) The business cycle reflects both short-run fluctuations in output and long-run economic growth. 4) Economists and policymakers are generally more concerned about nominal GDP than real GDP. 5) Nominal GDP measures a nation's output in current year prices.
Buyers and sellers in the market for goods and services might be negotiating an exchange of
A. goods for use by final consumers. B. labor or financial capital. C. services provided to final consumers. D. either goods for use by final consumers or services provided to final consumers.
A depression is a:
A. severe and extended period of recession. B. recession that lasts more than four quarters. C. recession that lasts more than three quarters. D. recession that lasts more than eight quarters.