In college you practically existed on instant noodles, but now you earn $95,000 a year. You never want to see instant noodles again. We can safely conclude that you consider instant noodles to be a(n)
A. normal good.
B. complementary good.
C. inferior good.
D. luxury.
Answer: C
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The quantity theory of money assumes that the velocity of money
The public debt is the
A. accumulation of all past deficits minus all past surpluses. B. amount of U.S. paper currency in circulation. C. ratio of all past deficits to all past surpluses. D. difference between current government expenditures and current tax revenues.
The demand curve of a monopolist is:
a. perfectly price inelastic. b. downward sloping. c. perfectly price elastic. d. upward rising.
The aggregate supply and aggregate demand model describes the interaction of which macroeconomic variables?
A. Output and the price level B. Employment and immigration C. Prices and immigration D. Output and number of sellers