If the demand for one good decreases when the price of another good increases, the two goods are ________ goods
A) normal B) inferior C) complementary D) substitute
C
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If the economy is operating with full employment, which of the following is essentially eliminated?
a. frictional unemployment b. structural unemployment c. cyclical unemployment d. all of the above
When the purchasing power of money is stable and predictable, this
A) increases transactions costs. B) facilitates gains from specialization, investment, and trade. C) encourages the use of bartering. D) makes it risky for individuals and businesses to save and borrow.
What is the total revenue of a shoe company equal to?
A. income minus explicit and implicit costs B. the change in quantity sold divided by the change in price C. price of shoes times quantity sold D. elasticity of demand divided by percentage change in quantity
Explain the two main methods used to measure GDP.
What will be an ideal response?