Studies show that as real income has been rising in the United States, the per-capita demand for food has been increasing by
A) much less, which means the demand for food is income inelastic.
B) much more, which means the demand for food is income elastic.
C) much more, which means the demand for food is income inelastic.
D) as much, which means the demand for food is unit elastic.
E) none of the above
A
You might also like to view...
A competitive firm Select one:
a. and a monopolist are price makers. b. and a monopolist are price takers. c. is a price maker, whereas a monopolist is a price taker. d. is a price taker, whereas a monopolist is a price maker.
Stagflation occurs when inflation ________ and GDP ________
A) rises; rises B) rises; falls C) falls; rises D) falls; falls
Whenever a former governor is elected president, the unemployment rate decreases; whenever a former congressman is elected president, the inflation rate increases. This statement is an example of
A. fallacy of logic. B. post hoc, ergo propter hoc fallacy. C. fallacy of inductive reasoning. D. ceteris paribus fallacy.
Suppose that a prejudiced white employer is willing to hire white workers at a rate of $16/hour, and this employer has a discrimination coefficient of $4. This implies that the employer would:
A. Not hire a non-white worker regardless of wage rate B. Hire a non-white worker only at a rate of $12/hour or less C. Actually pay a white worker $20/hour D. Pay a non-white worker only $4/hour