Unless a good is a Giffen good, the demand curve shifts to the right as income rises.
Answer the following statement true (T) or false (F)
False
Rationale: Unless the good is an inferior good, the demand curve shifts to the right as income rises.
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Which of the following is not correct?
a. The inflation rate is measured as the percentage change in a price index. b. For the last 40 or so years, U.S. inflation hasn't shown much variation from its average rate of about 2 percent. c. During the 19th century there were long periods of falling prices in the U.S. d. Some economists argue that the costs of moderate inflation are not nearly as large as the general public believes.
Which of the following statements about a circular flow model is false?
A) Producers are buyers in the factor market and sellers in the product market. B) Households are neither buyers nor sellers in the input market. C) Producers are buyers in the factor market. D) Households are buyers in the product market.