The natural rate of unemployment exists when cyclical unemployment equals zero

When an outcome is ________, social surplus is ________

A) Pareto inefficient; maximized B) Pareto efficient; maximized C) Pareto efficient; minimized D) Pareto inefficient; minimized

Last year, Sefton purchased 60 pounds of potatoes to feed his family of five when his household income was $30,000. This year, his household income fell to $20,000 and Sefton purchased 80 pounds of potatoes

All else constant, Sefton's income elasticity of demand for potatoes is A) positive, so Sefton considers potatoes to be a normal good and a necessity. B) positive, so Sefton considers potatoes to be an inferior good. C) negative, so Sefton considers potatoes to be an inferior good. D) negative, so Sefton considers potatoes to be a normal good.