Possible causes of an upward-sloping demand curve are:
a. consumers judge the quality of a product based on quality
b. consumers judge the quality of a product based on price
c. consumers purchase a product based on snob appeal
d. a and b are true
e. b and c are true
e
Economics
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Most economists believe that the biases in the consumer price index cause the CPI to overstate the true inflation rate by about
A) one quarter percentage point. B) one to two percentage points. C) one and one-half percentage points. D) one-half to one percentage point.
Economics
Income tax on the wealthy to finance the welfare for the poor causes income redistribution. This is an example for the trade-off
A) Which goods and services to produce. B) How to produce. C) Who gets the goods and services. D) Who produces the goods and services.
Economics