Assuming that clothing is a normal good, an increase in consumer income, other things being equal, would:
a. increase the demand for clothing.
b. decrease the demand for clothing.
c. increase the quantity of clothing demanded.
d. decrease the quantity of clothing demanded
a
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Which of the following pholitical philosophies would support redistribution of income that makes society fully egalitarian?
a. Liberals, because they believe in the maximin criterion. b. Libertarians, because they believe in evaluating the process by which economic outcomes arise. c. Utilitarians, because they believe in diminishing marginal utility. d. None of the above would support completely egalitarian redistribution of income.
Economic analysis is used
A) only by instructors and students in economics to understand the world. B) only by business people to raise profits. C) only by policy makers to make policy decisions. D) in all decision making.