When Sue received a promotion at work, her income rose by 50%. The income elasticity of demand for steak was found to be 1.5. For her, steak is a(n) ___________
Fill in the blank(s) with the appropriate word(s).
Answer: luxury
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Use the following diagram to answer the question.
Which of the following best depicts the change if apples are grown using better watering technology for the trees, which allows farmers to know if the trees are being over or under-watered?
A. shift from S1 to S2 B. shift from S2 to S1 C. movement from a to b D. movement from b to a
In the United States, what percentage of smog comes from manufacturing sites?
a. 5 percent b. 15 percent c. 25 percent d. 40 percent e. 80 percent
A good in the United States is worth $2,000 and the same good in Mexico is worth 50,000 pesos. This implies that $1 U.S. is worth _____ pesos
a. 25 b. 30 c. 15 d. 24
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower