Negative cross-price elasticity of demand indicates that
a. the product is an inferior good
b. the product is a necessity
c. the product is a luxury
d. the two products are substitutes
e. the two products are complements
E
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The richest 20 percent of individuals in the United States receive about ________ of the nation's total income
A) 21 percent B) 23 percent C) 91 percent D) 51 percent E) 99 percent
Economists argue that unhindered international trade leads to an efficient outcome. What is meant by "an efficient outcome" in this context?
A. an outcome in which an individual can choose to specialize in a certain line of work and be certain that he or she can make a living at that until retirement B. an outcome in which resources are devoted to their most efficient use C. an outcome in which wages are roughly equal around the world D. an outcome in which the standard of living is roughly equal around the world
When a player in a game adopts a strategy which always yields the highest benefit regardless of what the other player does, that player is using a(n)
A. dominant strategy. B. aggressive strategy. C. opportunistic strategy. D. tit-for-tat strategy.
Calculate the real interest rate if the nominal interest rate is 8%, the expected inflation rate is 4%, and the inflation rate is 5%.
What will be an ideal response?