An inferior good
a. has a negative income elasticity.
b. is one where the demand curve shifts to the left when income goes up.
c. exists only in theory.
d. is a low-quality good.
e. Both a and b are true.
E
Economics
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When Italy buys Boeing jets, the price Italy pays is ________ if it produced its own jets and the price Boeing receives is ________ than it could receive from an additional U.S. buyer
A) lower than; lower B) higher than; higher C) lower than; higher D) higher than; lower E) the same as; higher
Economics
Historically barriers to development in the U.S., such as the dry deserts of some of the country's western states, have been solved by
(a) only government action. (b) only private action. (c) a blend of government and private actions. (d) foreign expertise.
Economics