Based on Figure 4.1, food is:
A) a normal good.
B) an inferior good, but not a Giffen good.
C) a Giffen good.
D) none of the above
A
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When Alex eats 1 slice of pizza, his total utility is 80; when Alex eats 2 slices of pizza, his total utility is 120. Alex's marginal utility from the second pizza is
A) 200. B) 80. C) 60. D) 40.
International businesses like a fixed exchange-rate system because
A) they like large swings in currency values when devaluation or revaluation occur. B) they profit by speculating on devaluation or revaluation. C) they can plan better if they know what the exchange rate will be. D) fixed exchange rates are economically efficient.
After World War II (1941–45), the U.S. public debt
(a) remained unchanged in 1947 even though the government ran a budget surplus (government expenditures fell below revenues in 1947). (b) continued to rise even though the government ran a budget surplus at times. (c) decreased even though the government ran a budget surplus continuously. (d) remained high while the government continuously ran deficits.
Which statement is most accurate about the U.S. between 1840 and1860?
a. The per capita income of free people in the West South Central was about twice the national average. b. The per capita income of free people in the entire U.S. decreased. c. The per capita income of free people in the entire U.S. increased, but increased more slowly than it did before the Revolution. d. The Northeast was the poorest part of the nation, as measured by per capita income of free people.