If the demand for sardines increases as income decreases, sardines are a(n)
A. normal good.
B. complementary good.
C. substitute good.
D. inferior good.
Answer: D
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If nominal GDP is $6.0 trillion and the quantity of money is $1.5 trillion, then the
A) velocity of circulation is 4. B) price level is 4.00. C) price level is 120. D) price level is 110. E) velocity of circulation is 10.
The Ricardian two-country two-good model predicts that there are potential benefits from trade, but NOT
A) the effect of trade on income distribution. B) the mechanism that determines which country will specialize in which good. C) when one country has an absolute advantage in the production of both goods. D) when one country has significantly lower wages than the other country. E) when both countries have the same types of technology available.
A Gini coefficient of 0.1 represents more inequality in income distribution than a Gini coefficient of 0.9.
Answer the following statement true (T) or false (F)
When a drug ceases to require a prescription, it is said to have gone
A. off-the-wagon. B. over-the-counter. C. off-label. D. off-the-rack.