John increases his consumption of Good X and Good Y when his income increases. For John
A) Good X and Good Y are substitute goods.
B) Good X and Good Y are complement goods.
C) Good X is an inferior good.
D) Good X and Y are normal goods
D
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The supply curve of books (which are produced using paper made from trees) will shift to the right in response to
A. a decline in college tuition. B. an increase in home building. C. a reduction in the supply of lumberjacks. D. removal of government regulations that limit timber harvests from national forests.
A credit market instrument that pays the owner a fixed coupon payment every year until the maturity date and then repays the face value is called a
A) simple loan. B) fixed-payment loan. C) coupon bond. D) discount bond.
The prisoner's dilemma:
A. can involve two players. B. can be summarized in a payoff matrix. C. leads to a less-than-ideal outcome for all players. D. All of these statements are true.
The income approach to measuring GDP ________.
A. focuses on how income is spent B. uses the payments paid to the four resources used to produce goods and services to estimate GDP C. adds up all household expenditures to calculate aggregate income and GDP D. ignores how income is earned and focuses instead on how it is used