Based on your sketch, is the good a normal or inferior good?
What will be an ideal response?
The good is a normal good because as nominal income drops to reach the final utility level the quantity is reduced.
Economics
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The length of time before policymakers realize they need to intervene in the economy is called the
A) recognition lag. B) implementation lag. C) impact lag. D) liquidity lag.
Economics
In a business cycle, a period from peak to trough may be referred to as ________
A) an expansion B) a recurrence C) a contraction D) all of the above E) none of the above
Economics