As Income Rises, the Demand for Hamburger (An Inferior Good)

question 30

Multiple Choice

As income rises, the demand for hamburger (an inferior good) _____, and the demand for steak (a normal good) ______.

• A) increases; decreases
• B) decreases; increases
• C) remains the same; increases
• D) increases; remains the same

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Definitions:

U.S. Economy

The economy of the United States, characterized by its high GDP, technological innovation, and diverse industrial base.

Manufacturing Jobs

Positions or employment in the production of goods, particularly through the use of labor, machines, tools, and chemical or biological processing or formulation.

Service Positions

Jobs primarily focused on providing services to individuals or businesses rather than producing goods, often involving direct interaction with customers.

Poverty Line

A designated threshold that defines the minimum level of income deemed necessary to achieve an adequate standard of living in a given country.