The income elasticity for cars is high. During the late 1960s, some U.S. citizens experienced a decrease in their real incomes. Consequently, they purchased
(a) more expensive U.S. cars.
(b) more foreign imports due to their relatively low costs.
(c) used U.S. cars in order to avoid foreign imports.
(d) U.S. cars of any type to avoid foreign imports.
(b)
Economics
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Agreement of members of a group on a decision is called
a. concensus b. group think c. meetings d. consideration
Economics
If both the supply and demand curves shift to the left, then we can conclude that there will be a(n): a. increase in the equilibrium quantity sold. b. decrease in the equilibrium quantity sold. c. increase in the equilibrium price
d. decrease in the equilibrium price.
Economics