Suppose that the price and quantity for an inferior good, Good X, are $9 and 6,000 units, respectively, at the original equilibrium. What is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant?

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next six questions. Assume that goods A, B and C are the economy’s entire output and that the base year is 2017.’ What was the nominal gross domestic product (GDP) in 2018?

Suppose that economists who study the paint industry classify Sherwin-Williams’s ProMar 200 paint as an inferior good. During a recession, when the income in the economy is decreasing, these economists would expect the demand curve for ProMar 200 to ________, causing the equilibrium price to ________ and the equilibrium quantity to ________.

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next six questions. Assume that goods A, B and C are the economy’s entire output and that the base year is 2017.’ What was the growth rate of real gross domestic product (GDP) between 2017 and 2018?

Workers who lose their jobs because the skill set they possess is no longer needed in the economy are considered to be

Kyle works part-time as an elementary school classroom aide and would really like to land a full-time assignment. Kyle is

Refer to the following scenario to answer the next four questions.A government worker surveys a number of households and comes up with the following information: there were a total of 200 people in the households, 25 of the people were children under 16, 10 of the people were retired but still capable of working, 100 people had full-time jobs, 15 had part-time jobs, 10 were stay-at-home parents, 20 were full-time students over the age of 16, 5 were disabled people who could not work, 10 people had no job but were looking for jobs, and there were 5 people who wanted a job but were not looking for a job. According to the information in the survey, the number of people in the work-eligible population is

A government program that reduces the hardship of being out of work by guaranteeing that unemployed workers receive a percentage of their former incomes while they are unemployed is referred to as

Refer to the following scenario to answer the next four questions.A government worker surveys a number of households and comes up with the following information: there were a total of 200 people in the households, 25 of the people were children under 16, 10 of the people were retired but still capable of working, 100 people had full-time jobs, 15 had part-time jobs, 10 were stay-at-home parents, 20 were full-time students over the age of 16, 5 were disabled people who could not work, 10 people had no job but were looking for jobs, and there were 5 people who wanted a job but were not looking for a job. According to the information in the survey, the labor force participation rate is

The true cost of a vacation, an economist would argue, exceeds the cost of food, lodging, transportation, and so on, because of