Every Giffen good is a necessity but not every interior good is a necessity.
Answer the following statement true (T) or false (F)
False
Rationale: All inferior goods --- including Giffen goods --- are goods whose consumption moves in the opposite direction from income. Necessities are goods whose consumption increases by less than the percentage increase in income, which is the case if consumption decreases with increases in income.
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The demand for gold increases, other things equal, when
A) the market for silver becomes more liquid. B) interest rates are expected to rise. C) interest rates are expected to fall. D) real estate prices are expected to increase.
Protecting infant industries from foreign competition may make sense, but only until the industry matures
a. True b. False Indicate whether the statement is true or false