One of the results of the strong economic growth in the United States relative to the rest of the world is a
A. U.S. trade surplus.
B. U.S. trade deficit.
C. growing U.S. net exports.
D. trade deficit for U.S. trading partners.
Answer: B
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What will be an ideal response?
In the real world, demand is not likely to be perfectly inelastic at every price because
a. no substitutes exist for some goods b. some consumers will be unable to afford very high prices with given incomes c. at low prices, consumers always want a lot d. consumers are willing to pay any price for certain goods e. the prices of certain goods don't change
The law of diminishing marginal utility explains why an individual's demand curve is elastic
a. True b. False
You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. Your roommate still enjoys Ramen noodles very much and buys even more, but you plan to buy fewer Ramen noodles in favor of foods you prefer more. When looking at income elasticity of demand for Ramen noodles, yours would
a. be negative and your roommate's would be positive. b. be positive and your roommate's would be negative. c. be zero and your roommate's would approach infinity. d. approach infinity and your roommate's would be zero.