In the above table, when x increases from 4 units to 6 units, y changes by ________ units
A) 2
B) -2
C) 6
D) -6
C
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If leisure is an inferior good, then an increase in wages will cause workers to work more.
Answer the following statement true (T) or false (F)
A demand curve shows how quantity demanded changes as the price changes. It implies that
a. only a change in price can shift a demand curve b. everything else that affects demand is assumed to be constant c. quantity demanded is unrelated to price d. economists are concerned only with money e. it is impossible to show how anything but price affects demand
Refer to the above figure. For a normal good, the rightward shift of the curve could have been caused by
A. a decrease in income. B. a technological improvement. C. an increase in the cost of inputs. D. an increase in income.
Which of the following best characterizes the economic growth for OECD countries since the mid-1970s?
A) Growth has come to a complete halt. B) Growth has slowed down. C) Growth has not changed since the 1950s and 1960s. D) Growth has increased slightly. E) Growth has increased dramatically.