Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget
A) a normal good; very small
B) an inferior good; very small
C) a normal good; very large
D) an inferior good; very large
Answer: D
Economics
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Refer to the graph shown. A complete business cycle is represented by:
a. A to G.
b. O to C.
c. A to F.
d. C to F.
Economics
If the money stock is $900 million and the reserve requirement is 20%, what is the monetary base?
A) $180 million B) $4,500 million C) $720 million D) The monetary base cannot be determined with the information given.
Economics