While you were an intern you bought 5 packages of hot dogs a month. After acquiring a full-time job with a considerably higher salary, you stopped purchasing hot dogs. For you, hot dogs are a
a. Complementary good
b. Normal good
c. Inferior good
d. Substitute good
QUESTION 2At a fair carnival roulette wheel, a player can either win 10, 30, or 80 . If it costs 30 to play, would an individual gain or lose from playing the game?
a. Gain
b. Lose
c. Breakeven-neither gain nor lose
d. None of the above
QUESTION 3You lose your job and as a result your demand for steak falls. This implies that you consider steaks to be a
a. Complementary good
b. Normal good
c. Inferior good
d. Substitute good
QUESTION 4At a fair carnival roulette wheel, a player can either win 10, 30, or 80 . If it costs 50 to play, would an individual gain or lose from playing the game
a. Gain
b. Lose
c. Breakeven-neither gain nor lose
d. None of the above
QUESTION 5How does an increase in income affect the market for iPads (normal good)?
a. The demand curve for iPads shifts to the right
b. The demand curve for iPads shifts to the left
c. The supply curve for iPads shifts to the right
d. The supply curve for iPads shifts to the left
QUESTION 6At a fair carnival roulette wheel, a player can either win 10, 30, or 80 . If it costs 40 to play, would an individual gain or lose from playing the game
a. Gain
b. Lose
c. Breakeven-neither gain nor lose
d. None of the above
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