Author Question: A Commodity X will be considered as a normal good if: a. the quantity of the good consumed ... (Read 47 times)

a0266361136 · **on:** Jun 30, 2018

A Commodity X will be considered as a normal good if:
a. the quantity of the good consumed decreases with an increase in income.
b. the quantity of the good consumed increases with an increase in income.
c. the quantity of the good consumed increases in the same proportion as the increase in income.
d. the quantity of the good consumed reflects no change with a change in income.

Question 2

The equity capital of a privately owned firm includes:
a. the owner's own dollars put into the firm.
b. the cost of raw materials.
c. the cost of labor resource used in production.
d. economic rent only.
e. the value added at each stage of production.