For a Normal Good,the

question 101

Multiple Choice

For a normal good,the

• A)income effect is greater than 1.0
• B)income effect is negative
• C)substitution effect is zero
• D)income effect and the substitution effect work in the same direction
• E)demand curve is horizontal

---

Definitions:

Socialist Party

A political party advocating for socialism, which emphasizes the community or state ownership and administration of the means of production and distribution of goods.

National Health Insurance

A governmental scheme designed to ensure that all residents of a country receive medical services and health care coverage, sometimes funded through taxes.

Nickelodeons

Early 20th-century small cinema venues in the United States that showed short films for a nickel.

Mass-Consumption Society

A society characterized by the high consumption of goods and services by a large number of people, partly driven by mass production and mass marketing techniques.