Product% Change in Income% Change in Quantity DemandedW-1-1X+6+3Y-1+1Z+4+8Refer to the table above. Which product is a normal good but least responsive to a change in income
A. Product W
B. Product X
C. Product Y
D. Product Z
Answer: B
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Since the velocity of money increases as interest rates rise the
A) LM curve is negatively sloped. B) IS curve is negatively sloped. C) LM curve is positively sloped. D) IS curve is positively sloped.
In general economic environments that correspond to higher levels of planned aggregate expenditure for a given level of Y have PAE curves that are:
A. higher on the expenditure diagram. B. lower on the expenditure diagram. C. at multiple points on the diagram. D. equivalent at point in the diagram.
The scientific method is
a. the use of modern technology to understand the way the world works. b. the use of controlled laboratory experiments to understand the way the world works. c. the dispassionate development and testing of theories about how the world works. d. the search for evidence to support preconceived theories about how the world works.
Refer to the list. The outcome in a monopsony labor market is shown by:
1. W < MRP; W < MRC 2. W = MRP; W < MRC 3. W = MRP; W = MRC 4. W > MRP; W > MRC A. 1. B. 2. C. 3. D. 4.