Many people consider hot dogs to be an inferior good. For such people, all else held constant, a decrease in income would cause their demand for hot dogs to:
A) increase.
B) stay the same.
C) decrease.
D) cannot be determined with the information given.
A
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The cross elasticity of demand is calculated as the percentage change in the
A) quantity demanded of one good divided by the percentage change in the price of another good B) price of one good divided by the percentage change in the quantity demanded of another good. C) quantity demanded of one good divided by the percentage change in the quantity demanded of another good. D) price of one good divided by the percentage change in the price of another good.
The fact that interest groups exist on both sides of an issue mean that _____
a. no special interest group gets everything it wants b. rational ignorance is nonexistent c. a prisoner's dilemma exists d. politicians are exposed to all viewpoints on an issue
The imposition of a quota on an imported good
A) shifts the demand curve down for the good. B) shifts the supply curve up for the good. C) Both A and B. D) Not enough information to determine.
Almost half of the world lives on less than $____ a day.
Fill in the blank(s) with the appropriate word(s).