Which of the following pairs is most likely to represent substitute goods?
A. Hamburgers and hamburger rolls
B. Movies and popcorn
C. Pork and beef
D. Shoes and shoelaces
Answer: D
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Assume that the hourly price for the services of personal trainers has risen and sales of these services have also risen. One can conclude that
A) the demand for personal trainers has increased. B) personal trainers are deliberately charging high prices because they provide services for wealthy clients. C) the number of personal trainers has increased. D) the law of demand has been violated.
The single most important reason for Canada's seeking a free trade agreement with the United States was to
A) ensure its access to the U.S. market. B) ensure its ability to join NAFTA. C) harmonize its environmental laws with the United States. D) avoid international outsourcing in low wage countries. E) ensure the continuation of its social programs.
The process of moving from disequilibrium to equilibrium in labor markets creates special problems because
a. we are all workers threatened by recession b. we cannot spend money we have not earned c. the process is very short d. the process is especially lengthy e. negative shocks create economic expansions
In the circular flow diagram, the different payments made by ________ to ________ include wages, rent and profits.
A. firms; households B. the government; households C. households; firms D. firms; the government