A Commodity X will be considered as a normal good if:
a. the quantity of the good consumed decreases with an increase in income.
b. the quantity of the good consumed increases with an increase in income.
c. the quantity of the good consumed increases in the same proportion as the increase in income.
d. the quantity of the good consumed reflects no change with a change in income.
B
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Which of the following groups of people are counted as employed?
a. People who work at least one hour a week. b. People who work at least 15 hours a week as unpaid employees of a family business. c. People who are out of work due to bad weather. d. All of these are counted as employed.
Which of the following do not contribute to long-term economic growth?
a. substantial increases in the money supply b. increased productivity c. savings and investment d. new production technologies