If the income elasticity for Ramen Noodles is -3.0, we may conclude that Ramen Noodles are __________.
A. a normal good
B. a inferior good
C. both a normal good and an inferior good
D. neither a normal good nor an inferior good
B. a inferior good
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In the above figure, the curve's slope is
A) positive and is becoming steeper. B) positive and is becoming less steep. C) negative and is becoming steeper. D) negative and is becoming less steep.
If a firm sells more than the break-even quantity,
a. It will make a profit b. It will only cover the variable costs c. It will make a loss d. A firm is unable to sell above the break-even quantity
Currently, which country emits the largest amount of carbon dioxide (CO2)?
a. United States b. United Kingdom c. China d. Russia
As more workers are hired, the marginal physical product of labor eventually declines because
A) less efficient workers are hired as the number of workers increases. B) workers do not work well together when the number of workers increases. C) the amount of capital each worker has to work with declines as the number of workers increases. D) of diseconomies of scale.