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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define a normal good.
💡 Hint: Think about how consumer preferences change with more income.
Question 2
Easy
What is an inferior good? Provide an example.
💡 Hint: Consider products that consumers might avoid when they can afford better.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is a normal good?
- A good whose demand increases with income
- A good whose demand decreases with income
- A good that is always luxury
💡 Hint: Remember 'normal equals more income.'
Question 2
True or False: Inferior goods see an increase in demand as consumer income rises.
- True
- False
💡 Hint: Think about how consumption patterns might change when income levels rise.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A consumer's income rises from $2000 to $3000. For good X, which is a normal good, how does its demand change? If good Y is an inferior good, how would its demand react?
💡 Hint: Reflect on which goods thrive as income increases.
Question 2
Create a scenario demonstrating the income and substitution effects when the price of a good lowers. Explain changes in demand for normal and inferior goods.
💡 Hint: Remember how relative pricing can shift consumer preferences and choices.
Challenge and get performance evaluation