Question
Inferior goods are those whose income effect is:
- Negative.
- Positive.
- Zero.
- None of these.
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| 1 | Full employment | (i) | Changing of a job in a economy |
| 2 | Voluntary unemployment | (ii) | When there is progressive decline of an industry. |
| 3 | Frictional unemployment | (iii) | When some people are not willing to work at prevailing wage rate. |
| 4 | Structural unemployment | (iv) | When all those who are able and willing to work, get work. |