Medical school, and internship and residency program
Answer:
M1 $1.24 trillion
M2 $4.41 trillion
M1 and M2 money have several definitions, ranging from narrow to broad. M1 = coins and currency in circulation + checkable (demand) deposit + traveler's checks. M2 = M1 + savings deposits + money market funds + certificates of deposit + other time deposits.
Answer: B. Beans are necessarily inferior and eggs are necessarily normal
Explanation: He reduces the amount of egg to meet up with the beans, for his satisfaction.
Answer:
The answer is C. Income Effect
Explanation:
Economists refer to income effect as an increase in purchasing power.
It is the change in quantity demanded for a commodity when income changes
For example, consumers tend to buy more of goods and services when their income rises or tend to buy more of a good and service when the price of a goods falls while the income remains constant. This causes the purchasing power (which is the amount of goods that can be purchased with a unit of currency) to rise.
Option A is wrong because substitution effect states that when the price of a good rises, consumer tends to purchase less. This centers on price while income effect centers on income
