The marginal social cost of a good or service is the cost borne by the producer

If a 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a product, this product is

A) a necessity. B) an income elastic good. C) an inferior good. D) a luxury good.

Which of the following is not counted as part of M1?

a. Coins. b. Federal Reserve notes or " paper money." c. Passbook savings deposits. d. Checkable deposits.