An increase in the price of product B resulted in an increase in the demand for product C. This indicates that products B and C are:
a. Normal goods
b. Complementary goods
c. Inferior goods
d. Substitute goods
Ans: d. Substitute goods
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What will be the principal and most immediate effect on the supply or demand for raw cotton grown in the United States if the demand for peanuts (which can be grown on cotton land) increases?
A) Decrease in demand B) Decrease in supply C) Increase in demand D) Increase in supply
During the 1990s, Japan's economy experienced
A) a tripling of values in the stock market. B) negligible inflation and unemployment rates. C) falling short-term interest rates. D) All of the above.
Firemen generally are paid higher wages because
a. they are usually highly educated b. they are usually working under riskier conditions c. they are working long and uncertain hours d. both B&C
If real GDP for Mexico was 19.8 trillion pesos at the end of 1999 and 21.3 trillion pesos at the end of 2000 . then Mexico's economy grew at an annual rate of _____
a. -0.015% b. 4.4 % c. 4.2% d. 7.57% e. 3.8%