good sold to final users
What will be an ideal response?
final goods
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Answer the following statement(s) true (T) or false (F)
1. The substitution effect insures that anytime there is a change in the price of a good, the quantity demanded along a compensated demand curve also changes. 2. The (ordinary) demand curve for a normal good must be downward sloping. 3. An inferior good is only Giffen when the substitution effect exceeds the income effect. 4. An ordinary demand curve contains both substitution and income effects, while a compensated demand curve contains only income effects. 5. The income elasticity of demand is equal to the slope of the Engel curve.
You have just opened a new Italian restaurant in your hometown where there are three other Italian restaurants
Your restaurant is doing a brisk business and you attribute your success to your distinctive northern Italian cuisine using locally grown organic produce. What is likely to happen to your business in the long run? A) If your success continues, you will be likely to establish a franchise and expand your market size. B) Your competitors are likely to change their menus to make their products more similar to yours. C) If you continue to maintain consistent quality, you will be able to earn profits indefinitely. D) Your success will invite others to open competing restaurants and ultimately your profits will be driven to zero.
One way fiscal policy affects aggregate demand is:
A. directly through tariffs. B. indirectly through government spending. C. directly through taxation. D. indirectly through taxation.
Refer to the given data. If Landia and Scandia fully specialize based on comparative advantage, their aggregate output will be:
Answer the question on the basis of the following production possibilities data for Landia and Scandia:
A. 48 chips and 8 fish.
B. 40 chips and 16 fish.
C. 36 chips and 10 fish.
D. 42 chips and 12 fish.