Which of these measures the responsiveness of the quantity of one good demanded to an increase in the price of another good?
A) price elasticity.
B) income elasticity.
C) cross-price elasticity.
D) cross substitution elasticity.
C
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To calculate GDP using the expenditure approach, in part it is necessary to
A) add imports and exports. B) add imports and subtract exports. C) add exports and subtract imports. D) subtract both exports and imports.
The precautionary demand for money:
a. varies inversely with the income level. b. varies inversely with the price level. c. is used as an insurance agent against unexpected needs. d. states that nominal income must exceed real income. e. is a classical concept in monetary theory.
The argument that an industry that is highly concentrated will act like an anti-competitive monopolist would support the case that the application of antitrust laws should be based on industry:
A. Mergers B. Structure C. Regulation D. Behavior
A majority of states have a minimum wage that is higher than the federal minimum wage.
Answer the following statement true (T) or false (F)