When deriving an Engel curve, if the optimum point for good X lies to the left as income increases, good X is
a. a normal good.
b. an inferior good.
c. a Giffen good.
d. a substitute for good Y.
b. an inferior good.
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In macroeconomics, it is impossible to include many individual markets in a single data source
a. True b. False
Goods that do not have close substitutes have downward-sloping demand curves
a. True b. False Indicate whether the statement is true or false
Are jobs the key to economic progress and the achievement of high income levels?
A) Yes, when full employment is present, the income levels of the residents will be at their maximum. B) Uncertain, jobs are the key for a market economy, but they are less important for a centrally planned economy. C) No, the people must be employed in jobs where they are producing goods and services that are valued highly relative to cost. D) Yes, as long as people are working, income levels will b
The subject of economics is primarily the study of:
A. the government decision-making process. B. how to operate a business successfully. C. decision-making because of the problem of scarcity. D. how to make money in the stock market.