ECON: Types of Goods

Front

If the demand for a good increases when people's incomes increase, what type of good is it? Options: the good is an inferior good, the law of demand is violated, the good's demand curve must be upward sloping, the good is a normal good

Back

the good is a normal good

Front

Products that can be used in a place of other products

Back

substitute goods

Front

Products that tend to be used together that typically have little value on their own are considered

Back

complementary goods

Front

Goods that people typically consume less of as income increase are considered

Back

inferior goods

Front

If the demand for used cars decreases after the price of a new car falls, both new and used cars would be considered __________.

Back

substitute goods

Front

If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are

Back

a normal good

Front

Would Maria consider frozen vegetables to be a normal or inferior good?

Back

Inferior

Front

What type of goods are chocolate syrup in the frozen dessert section and jars of queso dip in the chip aisle, and why are they there?

Back

They are complementary goods.

Front

What type of goods are hotel rooms when average wages increase in the United States, leading to an increase in demand for their rooms? Options: normal, inferior, substitutes, complements

Back

normal

Front

If your income decreases, how would that affect your demand for normal and inferior goods?

Back

Demand for normal would go down; demand for inferior would go up.