Which of the following is most likely an inferior good?
A. Nike running shoes.
B. Generic canned food.
C. Rolex watches.
D. A custom-built mansion.
Answer: B
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The table above gives the demand schedule for peas. Between point C and point D, the price elasticity of demand is
A) elastic. B) unit elastic. C) 0.75. D) 3.00.
If real income rises 4%, prices rise 1%, and nominal money demand rises 4%, what is the income elasticity of real money demand?
A) 3/4 B) 4/5 C) 5/6 D) 1
Money is
a. only assets such as gold and silver b. only fiat in nature c. anything that is generally accepted as a means of payment d. acceptable as a means of payment because the government guarantees that it must be e. only those things backed by gold
Among industrialized economies, taxes as a percentage of GDP are lowest in:
a. The Four Tigers b. Germany and France c. The United States d. Australia and New Zealand e. None of the above