Jim recently graduated from college. His income increased dramatically;from$5000 a year to $60,000 a year. Jim decides that instead of using the bus, he would buy a car. This implies that
a. The car is a normal goods for Jim
b. The car is an inferior goods for Jim
c. The bus and the car are complementary for Jim
d. Need information on the price of cars
a
Economics
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Specialization can sometimes create problems such as boredom and repetitive motion injuries
a. True b. False
Economics
When a firm incurs negative economic profit, it should:
a. hire more laborers to make the business activity profitable. b. transfer the resources from its current use to other alternative uses. c. purchase additional raw materials to produce more output. d. transfer additional resources from other alternative uses to the current activity. e. continue to operate with the same resources.
Economics