If a increase in income decreases the demand for a good, then the good is a(n)
a. substitute good.
b. complementary good.
c. normal good.
d. inferior good.
d
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The United States is a ________ nation because it pays ________ in interest to the rest of the world than it receives in ________ from the rest of the world
A) creditor; more; interest B) debtor; more; interest C) debtor; less; cash D) debtor; more; cash E) debtor; less; interest
In 2008, the nominal minimum wage rate was $7.25 an hour and the CPI was 200. The real minimum wage rate in 2008 was
A) $3.63 an hour. B) $14.50 an hour. C) $1450 an hour. D) $26.32 an hour. E) $7.25 an hour.
Changes in the capital stock are caused by changes in ________
A) the quantity of labor B) depreciation and investment C) depreciation and entrepreneurship D) depreciation and the quantity of labor
The increase in output that is generated by an additional unit of input is called the:
A. input-output relationship. B. production function. C. resource product. D. marginal product.