A consumer's switch to another similar good when the price of the preferred good increases is termed the:
a. income effect

Claire and Dag are farmers who produce beef and corn. In a year, Claire can produce 16 tons of beef or 40 bushels of corn, while Dag can produce 5 tons of beef or 25 bushels of corn. The opportunity cost of producing a ton of beef is

A) 10 bushels of corn for Dag and 8 bushels of corn for Claire. B) 5 bushels of corn for Dag and 2.5 bushels of corn for Claire. C) 20 bushels of corn for Dag and 50 bushels of corn for Claire. D) 36.5 days for Dag and 45.6 days for Claire.

Over the long run and across countries, there is evidence of ________ between the growth rate of the money supply and the inflation rate

A) no relationship B) a weak link C) a strong link D) a negative relationship