In the United States, the use of CFCs in most aerosol sprays was banned in
a. 1987 c. 2005
b. 1978 d. 1970
b. 1978
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The value of final goods and services equals:
A. total business profits. B. the sum of revenues from all sales. C. total business spending. D. the sum of the value added by all firms.
Which of the following causes the production possibilities curve to shift to the right?
a. d and e. b. c and e. c. A war. d. The development of a new technology that improves productivity. e. The discovery of oil reserves.
Which of the following can be a solution to the lemons problem?
a. Providing testimonials from previous buyers. b. Providing accessories to be used in the car. c. Providing discount on the purchase of a car. d. Providing a warranty that covers the costs of certain repairs.
Last month, sellers of good Y took in $100 in total revenue on sales of 50 units of good Y. This month sellers of good Y raised their price and took in $120 in total revenue on sales of 40 units of good Y. At the same time, the price of good X stayed the same, but sales of good X increased from 20 units to 40 units. We can conclude that goods X and Y are
a. substitutes, and have a cross-price elasticity of 0.60. b. complements, and have a cross-price elasticity of -0.60. c. substitutes, and have a cross-price elasticity of 1.67. d. complements, and have a cross-price elasticity of -1.67.