Refer to the table below. Which product is a normal good but least responsive to a change in income?
A. Product W
B. Product X
C. Product Y
D. Product Z
B. Product X
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The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The relationship between the price and the quantity the florist can sell is
A) positive. B) negative. C) nonexistent. D) linear. E) cross-sectionally trended.
When CSU sophomore Cody Clow and his housemates chose not to heed the city's ordinance against unreasonable noise and host a loud party at their off-campus residence last fall, they were confronted and ticketed by police
Fort Collins city code describes unreasonable noise as any sound that will "unreasonably interfere with the enjoyment of life or property." What is TRUE about this situation? A) Marginal external costs are positive. B) Marginal external costs are negative. C) Marginal external benefits are positive. D) Marginal external benefits are negative.
Commodity egalitarianism suggests that some goods be available to everyone.
A. True B. False C. Uncertain
How will an increase in the world price of crude oil influence the economy of an oil-importing country such as the United States?
A. Aggregate supply will decrease, leading to a decrease in real GDP. B. Aggregate supply will increase, leading to an increase in real GDP. C. Aggregate supply will increase, leading to an increase in prices and smaller GDP. D. A change in the price of an imported good will not affect the domestic economy of an oil-importing country.