Demand for a Normal Good Will Increase at Existing Prices

question 47

Multiple Choice

Demand for a normal good will increase at existing prices if:

• A) there is a decrease in the population size.
• B) there is an increase in income.
• C) there is a decrease in wealth.
• D) there is an increase in interest rates.

---

Definitions:

Petrograd

The name given to the city of Saint Petersburg, Russia, between 1914 and 1924, during a period of fervent patriotism and subsequent revolution.

New Economic Policy

A policy introduced by Lenin in the Soviet Union in 1921 to revitalize the economy by allowing some private enterprise.

Socialist Orthodoxy

Refers to the strict adherence to the original doctrines of socialism, often associated with Marxist-Leninist principles and practices.

Private Ownership

A system in which private individuals or companies own the means of production and distribution of goods and services, operating them for profit.