Which of the following goods would be most likely to feature an ...

[TVarnum]

Which of the following goods would be most likely to feature an income elasticity of zero?
 a. tickets to a championship football game
  b. insulin
 c. orange juice
 d. cigarettes

Question 2

Which of the following is true?
 a. Velocity is not constant over time.
 b. The best way to study economic activity is to start with the equation and then integrate the money supply and the volume of international trade.
  c. Control over the money supply implies that the Fed has precise control over real GDP.
 d. All of the above are true.

[Dnite]

Answer to Question 1

b

Answer to Question 2

a