You have found data that indicates that the income elasticity of demand for generic (unbranded) shampoo is -0.7. You should conclude that generic shampoo:
A. is below its equilibrium price.
B. is a normal good.
C. is an inferior good.
D. has inelastic demand.
Answer: C
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Refer to Table 2-5. What is Finland's opportunity cost of producing one board foot of lumber?
A) 0.25 cell phones B) 4 cell phones C) 12 cell phones D) 16 cell phones
Using money as a store of value rather than wheat is: a. safer
b. less expensive. c. both safer and less expensive. d. neither safer nor less expensive.
A fiscal policy that changes over time as economic conditions change is considered to be time inconsistent
a. True b. False Indicate whether the statement is true or false
Which of the following accounts for the largest percentage of federal taxes?
a. gift taxes b. social security tax c. individual income taxes d. corporate income taxes