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Question 1.
For Antonio, the income effect of an interest-rate increase is stronger than the substitution effect. In response to a higher interest rate, will Antonio save more or will he save less?
Question 2.
For normal goods, the income effect and the substitution effect work in the same direction; so when the price of a good falls, both the income effect and substitution effects lead to a higher quantity demanded. How would this change if the good is an inferior good?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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