Blackboard QUESTION 75 some of good X and some of good Y. If good Y is a normal

Question

Blackboard QUESTION 75 some of good X and some of good Y. If good Y is a normal good for Josh, an increase in his income vwill definitely cause him to of X e his consumption of Y o b decrease his c QUESTION 76 faced by o b an income level sufficient to allow an individuall to achieve a given level of satisfaction QUESTION 77 An inferlor good is one in which O a an increase in income decreases consumption of the good o b. the good is not equaly valued by all consumers o c the average consumer chooses not to consume d an increase in income increases consumption of the good QUESTION 78 The two "goods used when economists analyze labor supply are a work and leisure c work and consumption. d saving and consumption UESTION 79

Explanation / Answer

75. C, increase his consumption of Y, because the purchasing power parity will increase with rise in income levels.

76. C, an individuals preference. (fact)

77. A, A inferior good is that good who's consumption decreases when income level rises.

78. B, leisure and consumption (factual).

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