If two goods both had negative cross elasticities and negative income elasticities,
a. they are both normal and substitutes for one another.
b. they are both normal and complements for one another.
c. they are both inferior and substitutes for one another.
d. they are both inferior and complements for one another.
d
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The natural rate of unemployment is comprised of
A) frictional and cyclical unemployment. B) frictional and structural unemployment. C) cyclical and structural unemployment. D) frictional, cyclical, and structural unemployment.
The airline industry routinely engages in price discrimination across time
Indicate whether the statement is true or false
The flat portion of the long-run average total cost curve is a result of: a. economies of scale
b. diseconomies of scale. c. constant returns to scale. d. diminishing marginal returns.
Suppose an economy produces only three products, A, B, and C. Quantity purchased and changes in the prices of these items over a period are shown below:??Average Price Per UnitProductQuantityYear 1Year 2A10$10$8B152022C85055Using year 1 as a base, the value of the country's nominal GDP in year 2 is:
A. the same as nominal GDP in year 1. B. $850, assuming no change in quantity from year 1 to year 2. C. $800 assuming no change in quantity from year 1 to year 2. D. $3,270 assuming no change in quantity from year 1 to year 2.