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Title: An increase in income causes the demand of normal goods to _________ and the price of normal goods ... Post by: yolo1017 on Feb 27, 2018 An increase in income causes the demand of normal goods to _________ and the price of normal goods to
a. Increase; increase b. Increase; decrease c. Decrease; increase d. Decrease, decrease QUESTION 2 At a fair carnival roulette wheel, a player can either win 10, 30, or 80 . Assuming that the wheel is fair, what is the expected value of the play? a. 20 b. 40 c. 60 d. 80 QUESTION 3 An increase in income causes the demand for inferior goods to_____________ and the price of inferior goods to ____________. a. Increase; increase b. Increase; decrease c. Decrease; increase d. Decrease, decrease QUESTION 4 If a deal looks too good to be true a. The seller most likely made a mistake b. Be cautious. It probably is too good to be true c. Trust the seller to give you a good deal d. A good deal is a good deal. Go for it. QUESTION 5 How does an increase in income affect the market for bus rides (inferior good)? a. The demand curve for bus rides to shift to the right b. The demand curve for bus rides to shift to the left c. The supply curve for bus rides to shift to the right d. The supply curve for bus rides to shift to the left QUESTION 6 Expected values are a. Values that you expect from an individual b. Mean values c. Weighted average outcomes d. Both B&C Title: An increase in income causes the demand of normal goods to _________ and the price of normal goods ... Post by: jeff21welch on Feb 27, 2018 |