Refer to Scenario 5.4. What is the probability of outcome B?
A) 0
B) -0.5
C) 0.5
D) 0.4
E) 0.2
C
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If the income elasticity of a good is negative, say –1.8, we can infer that the good is a(n)
a. luxury good, such as holiday travel b. substitute good, such as Pepsi, with Coke available c. complementary good, such as Pepsi, with a candy bar available d. inferior good, such as a non-color televison e. essential good, such as food
Which of the following is a major area of disagreement between activists and nonactivists?
a. Activists believe discretionary macroeconomic policy can be applied in a manner that will enhance economic stability. Nonactivists disagree. b. Activists believe monetary policy is more potent than fiscal policy. Nonactivists disagree. c. Activists believe changes in monetary and fiscal policy exert their effects instantaneously. Nonactivists think they work only with a substantial lag. d. Nonactivists think macroeconomic policy is sometimes motivated by the pursuit of political gain. Activists disagree.