If DeShawn only pays $25,000 to purchase a new car even though he would have been willing to pay as much as $35,000 for the care, this indicates

The income effect of a price increase for a Giffen good outweighs the substitution effect

Indicate whether the statement is true or false

Sustained economic growth in the U.S. has been primarily a product of which of the following factors?

(a) War and exploitation of natural resources (b) Capital accumulation, increases in capital and labor productivity, and technological advancements (c) Restricted trade (d) Government policies and market interventions