Goods with upward sloping demand curves are referred to as
A) Marshall goods.
B) Giffen goods.
C) substitute goods.
D) luxury goods.
Answer: B
You might also like to view...
Assume the U.S. population is 300 million. If 200 million people are of working age, 125 million are employed, and 15 million are unemployed, what is the size of the labor force?
A) 200 million B) 125 million C) 175 million D) 140 million E) 215 million
Suppose that households became mistrustful of the banking system and decide to decrease their checking account balances and increase their holdings of currency
Using the money demand and money supply model and assuming everything else is held constant, the equilibrium interest rate should A) decrease. B) increase. C) not change. D) increase, then decrease.
The major criticism of the view that expectations are formed adaptively is that
A) this view ignores that people use more information than just past data to form their expectations. B) it is easier to model adaptive expectations than it is to model rational expectations. C) adaptive expectations models have no predictive power. D) people are irrational and therefore never learn from past mistakes.
In 2007, the U.S. economy was operating close to potential. The budget deficits experienced by the United States in 2007 was:
A. primarily cyclical deficits. B. primarily structural deficits. C. neither structural nor cyclical deficits. D. about evenly split between structural and cyclical deficits.