Kathy has eaten five cookies. The fifth cookie makes Kathy sick. This means that for Kathy
A) the fifth cookie has little utility.
B) the fifth cookie has negative utility.
C) the opportunity cost of cookies is high.
D) cookies must be inexpensive.
Answer: B
Economics
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To say that turnips are inferior goods means that the income elasticity
A) is definitely greater than 1. B) is definitely between 0 and 1. C) is positive but could be greater than or less than (or equal to) 1. D) is negative.
Economics
International financial transactions are most likely to affect the U.S. monetary base when
A) the United States is in recession. B) the United States is experiencing a severe inflation. C) the Fed tries to influence the foreign-exchange value of the dollar. D) interest rates in the United States are highly variable.
Economics