When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent, and the sale of dips (like salsa and bean dip) fell 8 percent
This set of facts indicates that the cross-price elasticity between tortilla chips and dips is ________, so the two are ________.
A) 0.4; substitutes B) -0.4; complements C) -0.8; complements D) 0.8; substitutes
C
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_____ is the reward savers earn for deferring consumption
a. Dividend b. Wage c. Rent d. Profit e. Interest
Which of the following is not an argument in favor of inward-oriented strategies?
a. A newly developing economy needs protection from foreign competition. b. Government restrictions are necessary to maximize the rate of economic growth. c. Deteriorating prices of primary products in relation to manufactured goods expose developing countries to increasingly unfavorable terms of trade. d. Developing countries should compete on the basis of comparative advantage. e. Economic growth requires rapid industrialization and a shift away from primary products.
The term quantity supplied refers to the quantities of a good that sellers are willing and able to sell at all prices
a. True b. False Indicate whether the statement is true or false
If a prospective employee is not offered his/her reservation utility or reservation wage, then he/she will
A. tend to look for another job or withdraw from the labor market. B. seek a larger fringe benefit package. C. accept the job because a wage below the reservation utility is very attractive. D. use the job as the basis for a career, assuming that wages will increase beyond the marginal revenue product over time.