Two goods are described as being complementary products if:
(a) They are used instead of each other.
(b) They are products that people have to use.
(c) They are usually used together.
(d) None of the above.
Ans: (c) They are usually used together.
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If an American firm produces goods that are sold to a German household, then
A) German GDP increases but not U.S. GDP. B) U.S. GDP increases. C) the transaction is considered an export in the German GDP accounts. D) net exports in the United States will not change because an export immediately generates an offsetting import.
The value of the price elasticity of demand for a straight-line demand curve starts with low elasticity values at high prices and has high elasticity values at low prices.
Answer the following statement true (T) or false (F)
Refer to the figure above. Exports for this country equal
A) OA units of Z. B) AB units of Z. C) AC units of Y. D) AD units of Y.
Immigration into Costa Rica reduces the Costa Rican labor force but adds to Costa Rican labor productivity
Indicate whether the statement is true or false