Of the following, which is the least likely to be an example of substitute goods?
A. beef and chicken
B. soda and bottled water
C. margarine and butter
D. beer and pretzels
Answer: D
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Which of the following is correct about marginal and average products?
A) When the marginal product is increasing, the average product must be increasing. B) When the marginal product exceeds the average product, the average product must be increasing. C) When the average product is increasing, the marginal product must be decreasing. D) When the marginal product is decreasing, the average product must be decreasing. E) When the marginal product is increasing, the average product must be decreasing.
The processes a firm uses to turn inputs into outputs of goods and services are the firm's
A) production function. B) technology. C) total factor productivity. D) manufacturing ideology.
Which of the following tax changes would a supply-side economist be most likely to favor?
a. eliminating an investment tax credit b. an increase in the capital gain tax c. lower marginal income tax rates d. an increase in the personal income tax rate for high-income individuals
If the price elasticity of demand is 1.3, demand is:
A. upward sloping. B. inelastic. C. unit elastic. D. elastic.