Assuming that hamburgers and hot dogs are substitutes, an increase in the price of hamburgers, other things being equal, results in a:
a. rightward shift in the demand curve for hot dogs.
b. leftward shift in the demand curve for hamburgers.
c. rightward shift in the demand curve for hamburgers.
d. leftward shift in the demand curve for hot dogs.
a
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In the value added approach to calculating GDP, counting both the intermediate good and the final product would understate the contribution to GDP
Indicate whether the statement is true or false
List and briefly describe the 4 categories of expenditures included in GDP
What will be an ideal response?
When an economy is in an economic boom, discretionary fiscal policy would call for _____________, and the automatic stabilizers would _____________.
A. lowering tax rates; lower tax revenues B. lowering tax revenues; lower tax rates C. increasing tax rates; increase tax revenues D. increasing tax rates; lower tax revenues
Market failure occurs when a market fails to maximize net social welfare
a. True b. False Indicate whether the statement is true or false