Ramen noodles are likely considered
A) a normal good.
B) an inferior good.
C) to have inelastic demand.
D) to have perfectly elastic demand.
B
You might also like to view...
Use the following data to answer the next question. The disposable income (DI) and consumption (C) schedules are for a private, closed economy (an economy with no government and no international trade). All figures are in billions of dollars.Disposable IncomeConsumption$10,000$12,00018,00018,00026,00024,00034,00030,00042,00036,00050,00042,000The marginal propensity to consume is
A. 0.80. B. 0.20. C. 0.75. D. 0.25.
Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. In 2013, which is larger, nominal GDP or real GDP?
A) Both are the same size. B) Nominal GDP is larger. C) Real GDP is larger. D) The answer is ambiguous. E) More information is needed to determine which is larger.
In an economy in which velocity of money in circulation is constant and real output grows at an average rate of 3 percent per year, a 5 percent average rate of growth in the money supply would result in a: a. constant price level
b. slowly increasing price level. c. slowly decreasing price level. d. stable 4 percent growth in real GDP. e. stable 4 percent growth in nominal GDP.
Jake can wash 6 cars or mow 3 lawns during the same time. His marginal cost of washing a car is:
a. mowing one-third lawn. b. mowing half a lawn. c. mowing one lawn. d. mowing 2 lawns.