People will buy more of a normal good when their income decreases
Indicate whether the statement is true or false
FALSE
You might also like to view...
Answer the following questions true (T) or false (F)
1. The nominal interest rate plus the inflation rate equals the real interest rate. 2. If inflation expectations are increasing, we would expect that the nominal interest rate would also be increasing, holding all else constant. 3. The nominal interest rate minus the inflation rate equals the real interest rate.
The traditional view of the production process is that capital is subject to
a. diminishing returns, so that other things the same, real GDP in poor countries should grow at a faster rate than in rich countries. b. diminishing returns, so that other things the same, real GDP in poor countries should grow at a slower rate than in rich countries. c. increasing returns, so that other things the same, real GDP in poor countries should grow at a faster rate than in rich countries. d. increasing returns, so that other things the same, real GDP in poor countries should grow at a slower rate than in rich countries.
Refer to the table shown. A firm would be least likely to hire:Number of workersMarginal product of workers1527384105116775839010?1
A. 8 workers. B. 7 workers. C. 9 workers. D. 6 workers.
If the price elasticity of demand is equal to zero and the price was to rise, the quantity demanded would:
A. decrease slightly. B. fall to zero. C. not change. D. increase.