Pizza and hamburgers are substitutes for consumers. A fall in the price of a pizza ________ the price of a hamburger and ________ the quantity of hamburgers
A) raises; increases
B) raises; decreases
C) lowers; increases
D) lowers; decreases
D
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A credible promise is:
A. possible to keep. B. made by a honest person. C. in the promiser's interest to keep. D. legally enforceable.
The paradox of value between diamonds and water is explained by the fact that the
A) total utility of diamonds exceeds the total utility of water. B) marginal utility of diamonds exceeds the marginal utility of water. C) total utility of diamonds exceeds the marginal utility of water. D) marginal utility of diamonds exceeds the total utility of water.
In-kind transfers are transfers to the poor
a. in the form of goods and services rather than cash. b. in the form of goods, services, and cash. c. from private charitable organizations only. d. from the federal government only.
The economy experiences an increase in the price level and an increase in real domestic output. Which is a likely explanation?
a. The stock of capital has increased b. Interest rates have increased c. Net exports have increased d. Wage rates have fallen