Roy just got a big promotion at work which includes a sizable pay increase. Roy's demand for Ramen Noodles, an inferior good, will likely:
A. decrease, and his demand curve will shift to the left.
B. increase, and his demand curve will shift to the right.
C. decrease, causing a movement down along his demand curve.
D. decrease, and his demand curve will shift to the right.
Answer: A
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Former Fed chair Alan Greenspan's use of ambiguous and vague language came to be known as:
A) Greenspeak B) Fedspeak C) Alanguage D) jibberish
Referring to a production possibilities curve and the goods being compared, depict the economic event. The AIDS epidemic becomes rampant in America claiming millions of lives (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve B. A movement from a point on or near the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)