If two commodities are substitutes, then
a. they tend to be used together by consumers
b. their prices are generally regulated by the government
c. an increase in the price of one of them increases the supply of the other
d. the cross-price elasticity of demand is positive
e. the cross-price elasticity of demand is negative
D
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In the United States, the main contributor to economic growth is due to the growth in
A) physical capital. B) education (human capital). C) labor resources. D) capital and labor productivity.
Which of the following is not consistent with a goal of reducing the power of firms in the market?
a. shortening patent life b. creative destruction theory c. countervailing power theory d. Schumpeter's economies of scale argument e. antitrust policy
If asset prices rise:
A. productive capacity increases. B. real wealth increases. C. it is unclear whether wealth increases or inflation has occurred. D. inflation increases.
According to the Institute for Economics and Peace (IEP), as of 2012, "were the world to reduce its expenditures on violence by _________ percent, it would be enough to provide the necessary money for the European stability fund, repay Greece's debt, and cover the increase in funding required to achieve the United Nation's Millennium Development Goals."
a) 10 b) 30 c) 15 d) 25