If the Demand for a Good Increases When People's Incomes

question 251

Multiple Choice

If the demand for a good increases when people's incomes increase,

• A) the good is an inferior good.
• B) the law of demand is violated.
• C) the good's demand curve must be slope upward.
• D) the good is a normal good.
• E) the good is a substitute good for an inferior good.

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Definitions:

Nikita Khrushchev

A Soviet statesman who led the Soviet Union during part of the Cold War as the first secretary of the Communist Party and as chairman of the Council of Ministers.

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The period during which a sovereign rules over a monarchy, characterized by the policies and the historical context of their governance.

Marshall Plan

A U.S.-initiated program providing massive financial aid to Western Europe after World War II to rebuild economies and prevent the spread of communism.

Communism

A political and economic ideology that advocates for a classless society in which all property is publicly owned, and each person works and is paid according to their abilities and needs.