Jaden usually buys cornflakes weekly. A few months ago, he got a huge raise at work making twice his previous salary but he still buys cornflakes. What kind of good is cornflakes to Jaden?

1. Inferior good
2. normal good
3. substitute good
4. raised pay good

What is the difference between change in demand and change in quantity demanded?

1. Change in quantity demanded is static while change in demand is flexible
2. In change in demand, price remains constant while in change in quantity demanded price remains theame
3. Change in quantity demand is when demand for a product changes due to change in price of the product. Change in demand is when demand for a product changes due to changes in factors other than price.
4. Change in quantity demanded is when demand for a commodity changes due to the change in other factors other than price. Change in demand is when demand for a commodity changes due to change in its own price.

The price of Cocoa in the international market is $3,122 U.S. dollars per metric ton. If it Ghanacan produce a metric ton of cocoa at $3102. What is Ghana's producer surplus?

1. +$20

1. -$20

1. $6224

1. -$122

Monetary rewards are most effective when they are supported by intrinsic motivation and measures of social status.

1. True

1. False

Solomon works at a construction site and paid by the number of blocks he makes. This type of payment is known as

1. salary

1. piece rate

1. hourly wages

1. Block rate

A compensation structure in which the paymnent is based on relative performance using factors they can control as key to payment is also known as

1. piece rate

1. hourly rate

1. tournament

1. salary

Jason is a lover of watches. He came across a vintage watch that he loved and wanted for years. He was willing to pay $2300 but the cost of the watch was $2250. What is his consumer surplus?

1. $4550

1. -$50

1. $50

1. -$4550

The demand for rice increased after the price of beans decreased. These two goods are also known as

1. substitute goods

1. complement goods

1. inferior goods

1. normal goods

Ross can make $40,000 a year working for GM as a machine operator but he chose to go to score and took a loan of $25000 to pay tuition fees. The $40,000 in economics is known as

1. Normal cost
2. Compleemntary cost
3. opportunity cost
4. lost wages