A Giffen good is a good for which
a. a decrease in the price decreases the quantity demanded.
b. the substitution effect outweighs the income effect.
c. an increase in the price decreases the quantity demanded.
d. Both a) and b) are correct.
a
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The purpose of the Current Population Survey is to determine the
A) number of people in the population. B) employment status of the population. C) age structure of the population. D) income level of the population. E) prices consumers pay for the goods and services they buy.
Two economists can agree that raising the minimum wage creates unemployment yet one might argue that raising the minimum wage is a good policy and the other that it is a bad policy
Why can this difference exist? Be sure to use the terms positive and normative in your answer.