All of the following, except one, would increase the demand for a particular model of a Ford automobile. Assume that this model is a normal good. Which is the exception?
a. an increase in buyers' incomes
b. increased prices of other Ford models
c. an expected future increase in the price
d. an increase in the U.S. population
e. a decrease in the price of steel
E
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For the best indication of the material standard of living of the typical person in society, focus should be placed on
A) real GDP. B) nominal GDP. C) real GDP per capita. D) nominal GDP per capita.
One possible reason the U.S. income distribution has become more unequal is
A) information technology has decreased the demand for unskilled labor. B) information technology has increased the demand for unskilled labor. C) information technology has increased the supply of unskilled labor. D) information technology has decreased the supply of unskilled labor.