ECS2601-Assignment 2-S2-2023 Solutions

ECS2601-23-S2  Welcome Message  Assessment 2

QUIZ




Started on Friday, 8 September 2023, 12:45 PM
State Finished
Completed on Friday, 8 September 2023, 1:35 PM
Time taken 49 mins 26 secs
Marks 19.00/20.00
Grade 95.00 out of 100.00


Question 1
Complete

Mark 1.00 out of 1.00




The income effect of a price decrease …




a.
Does not relate to changes in real or nominal income, but rather to the perception of change in the mind of the
consumer.



b. Refers to the influence of real income changes rather than nominal income changes on consumer purchases.



c. Refers to the influence of nominal income changes rather than real income changes on consumer purchases.



d.
Measures the effect of both real and nominal income changes on consumer purchases.