A normal good is defined by economists to be a good
a. with a negatively-sloped demand curve.
b. that is purchased by at least 75 percent of the population.
c. that is bought by consumers with normal tastes.
d. whose demand increases when incomes increase.
e. whose demand decreases when incomes increase.
D
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The impact of an increase in the gasoline tax on SUV sales is
A) a macroeconomics topic because it deals with taxes. B) a microeconomics topic because it deals with one industry. C) not an economic issue, but rather a political issue. D) insignificant.
To efficiently improve environmental quality, it is usually
A) better to focus on the hardest areas to clean up first since these usually are the biggest problems. B) more appropriate to concentrate on the physical quantities of pollution rather than on economic costs. C) best to set up stringent emission standards that must be followed by everyone. D) better to focus on economic damages rather than physical quantities of pollution.