Which of the following pairs of goods is likely to be considered complements?
A) Nokia and Samsung cell phones B) Laptops and electric heaters
C) Motorcycles and typewriters D) Pens and writing pads
D
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A method of allocating scarce resources is a necessary component of
a. all economic systems b. all economic systems except market capitalism c. centrally-planned socialism and market socialism only d. centrally-planned capitalism and market capitalism only e. all economic systems except centrally planned socialism
Which of the following would tend to increase the price of lumber?
a. a technological advance that lowers the cost of cutting timber b. an increase in the demand for newly constructed homes c. a decrease in the demand for wooden rocking chairs d. a decrease in the tax imposed on firms who produce lumber
Suppose you will receive $800 in two years. If the interest rate is 5 percent, then the present value of this future payment is
a. $725.62 . It would be higher if the interest rate were higher. b. $727.28 . It would be higher if the interest rate were higher. c. $725.62 . It would be lower if the interest rate were higher. d. $727.28 . It would be lower if the interest rate were higher.
Another name for plurality voting is:
A. pair-wise majority voting. B. instant runoff voting. C. approval voting. D. first-past-the-post voting.