Which of the following is the best example of the concept of "inferior"?
A. Hot dogs and hot dog buns
B. Ramen noodles
C. Coke and Pepsi
D. SUVs
Answer: B
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Suppose consumer tastes and preferences shift from pizza to tacos. In the short run case, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices
A) decreasing; increasing B) decreasing; decreasing C) increasing; increasing D) increasing; decreasing
Suppose an investor with state-independent tastes is offered the choice between investment A and investment B. Investment A offers profit of $2,000 with probability 0.4, $4,000 with probability 0.2 and $6,000 with probability 0.4. Investment B offers profit of $2,000 with probability of 0.5 and $6,000 with probability 0.5. If the investor is risk averse, he will choose investment A.
Answer the following statement true (T) or false (F)
Refer to Figure 10.3. An increase in the real interest rate, with no other changes that affect aggregate expenditure, is best represented by ________ in panel (a) and ________ in panel (b)
A) a shift from AE2 to AE3; a shift from IS1 to IS2 B) a shift from AE3 to AE2; a shift from IS2 to IS1 C) a shift from AE2 to AE1; a movement from point B to point A D) a shift from AE3 to AE1; a movement from point C to point A
Need establishes eligiblility for Social Security benefits
Indicate whether the statement is true or false