Of the following, which is the least likely to be an example of substitute goods?
A) beer and pretzels
B) margarine and butter
C) beef and chicken
D) tea and coffee
Answer: A
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Economists use the price index to eliminate year-to-year changes in GDP due solely to changes in: a. the exchange rate
b. the unemployment rate. c. fiscal spending. d. consumer demand. e. the price level.
The above figure shows three different supply-and-demand graphs. Which graph best represents the market for the air we are currently breathing?
A) Graph A B) Graph B C) Graph C D) None of the above.
If the businesses last forever, then the Nash Equilibrium is
a. for one firm to charge a HP forever b. for your firm charge a LP when the other firm does c. for each firm to charge HP until the rival does, and then to charge a LP forever. d. for each firm to charge LP until the rival does, and then to charge a HP forever.
The Fed can make loans to the general public at the discount rate
a. True b. False Indicate whether the statement is true or false