If your income elasticity of demand for hot dogs is negative, then:
A. hot dogs have no close substitutes for you.
B. you must not enjoy eating hot dogs.
C. hot dogs are an inferior good for you.
D. your demand curve for hot dogs is not downward sloping.
Answer: C
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Table 8-3 Quantity Price (dollars) Total Cost (dollars) 1 10 5 2 9 8 3 8 12 4 7 17 5 6 23 Explain how much the firm shown in Table 8-3 should produce, first using total profit and then using marginal analysis.
What will be an ideal response?
If technological breakthroughs in the computer and software industries cause large numbers of firms to consider investment projects they hadn't previously thought of,
A) the supply of loanable funds will shift rightward. B) the supply of loanable funds will shift leftward. C) the demand for loanable funds will shift rightward. D) the demand for loanable funds will shift leftward. E) an excess demand for loanable funds emerges and persists.
What percentage of African Americans are uninsured?
A. 80 B. 3 C. 37 D. 21
The difference between the economy's potential output and its actual output relative to its potential output at a point in time is called the:
A. trade deficit. B. budget deficit. C. output gap. D. full-employment rate.