Refer to Figure 6-8. Identify the two goods which are substitutes
A) Good X and Good Z
B) Good Y and Good Z
C) Good X and Good Y
D) It is not possible to distinguish any relationship among the goods.
A
You might also like to view...
Which of the following is NOT present in a perfectly competitive market?
A) profit maximizing firms B) an economic profit in the long run C) price taking behavior D) identical products
Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the table below.Hours inEastOrchardNumber ofApples PerHourHours inWestOrchardNumber ofApples PerHour140110232210325310420410What is the marginal benefit to Frank of the 2nd hour he spends picking in the east orchard?
A. 64 apples B. 32 apples C. 8 apples D. 24 apples
Which of the following groups believes that the economy can achieve full employment without inflation through tax reductions, lower resource prices, and deregulation?
A. Classical school B. Keynesian school C. Supply-side school D. Rational expectations school
Refer to the above graph. Which point on the production possibilities curve would indicate that there is unemployment in this economy?
A. B B. D C. A D. C