Explain why each of the following statements is True, False, or Uncertain according to economic principles....

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Explain why each of the following statements is True, False, or Uncertain according to economic principles....

Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important.

a. An increase in consumer incomes will result in an increase in the price of any consumer goods.
b. If the unemployment rate decreases, we can be sure that the number of unemployed workers has decreased.

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Answer 1

Answer #1

A. Uncertain

Explanation: When income increases, demand also increases. In that case, price will increase if the supply remains constant or increases by less than an increase in demand. However, the price would fall if the supply increases by more than the increase in demand.

B. False

Explanation: It is possible that the unemployment rate falls and the total number of unemployed rises.

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Answer 2

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