Barth Anderson states that the 2008 downturn in the economy has really brought a lot of people home. They don't say, 'Well, we're going to order a pizza.' They actually cook.
Assuming that restaurant meals and eating at home are substitutes for one another and only consumers' income decreases, what is TRUE? A) Restaurant meals are an inferior good and eating at home is a normal good.
B) Restaurant meals are a normal good and eating at home is an inferior good.
C) Restaurant meals are an inferior good and eating at home is an inferior good.
D) Restaurant meals are a normal good and eating at home is a normal good.
Question 2
When China embarked on market changes towards urbanization and manufacturing in 1978, urban disposable incomes were 2.6 times greater than rural net income. By 2008 they were 3.3 times bigger. These market changes have led to
A) increased income inequality between rural and urban populations.
B) a decreased Gini ratio.
C) the Lorenz curve for income to move closer to the line of equality.
D) a movement towards a bell-shaped distribution of income.
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