There is anecdotal evidence to suggest that global inequalities are often rooted in inequities

Median household income is $50,000 per year. The typical household spends about $125 per year on milk, which has an income elasticity of about 0.07. From this information, we can conclude that

A) milk is a luxury. B) milk is a Giffen good. C) the income effect from a change in the price of milk is very large. D) the income effect from a change in the price of milk is very small.

The balance of payments is

A) a summary record of the financial transactions of a country's government with foreign governments. B) a summary record of a country's imports and exports of goods with foreign residents and governments. C) a summary record of a country's economic transactions with foreign residents and governments. D) a summary record of a country's purchases and sales of goods and services in the world market.