Suppose an individual experiences a permanent increase in income. As a result of this increased income, further assume that the individual eats dinner at restaurants more frequently each month
This information suggests that dinners at restaurants for this individual are A) an inferior good.
B) a substitute good.
C) a normal good.
D) both complimentary and inferior.
C
Economics
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If the quantity of the variable on the y-axis increases by 10 when the quantity of the variable on the x-axis decreases by 2, then the slope of the curve equals
A) 10. B) -10. C) 2. D) -5. E) None of the above answers is correct.
Economics
Some policymakers claim that raising the minimum wage will result in economic growth. If increasing the minimum wage would actually generate economic growth, we would expect to eventually see nominal wages ________ and unemployment ________
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Economics