If the cross-price elasticity between goods X and Y is positive, we know the goods are:
A. substitutes.
B. complements.
C. inelastic.
D. inferior goods.
Answer: A
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If you put a $20 bill in the pocket of your winter coat at the beginning of spring so that you will be surprised when you find it again next winter, you are using money as
A. a unit of account. B. a store of value. C. a medium of exchange. D. bank reserves.
The soft drink industry can best be described as:
A) an oligopoly. B) a monopoly. C) perfectly competitive. D) monopolistically competitive.
Third parties do not elect large numbers of candidates in democratic countries with majority rule elections
a. True b. False
The excess burden of a tax is $5,000 and the tax revenue from this tax is $20,000. The total burden of this tax is
A. $4,000. B. $5,000. C. $15,000. D. $25,000.