Two products that are usually consumed jointly would be referred to as
a. substitutes.
b. complements.
c. inferior goods.
d. unrelated goods.
B
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The central question in economics is how to
A. make the best use of scarce resources. B. use government planning agencies. C. induce people to want less. D. increase human knowledge.
Explanations for the low U.S. saving rate include all of the following EXCEPT:
A. large capital gains in the stock market. B. low real interest rates relative to the rest of the world. C. government programs that provide income for the elderly. D. low down payments required to purchase homes.
Farmers can plant either corn or soybeans in their fields. Which of the following would cause the supply of soybeans to increase?
A) an increase in the demand for corn B) an increase in the price of soybeans C) a decrease in the price of corn D) an increase in the price of soybean seeds
In financial markets, sellers are people who:
A. have cash on hand and are willing to let others use it, for a price. B. want to spend money on something of value right now, but don't have cash on hand. C. want to spend money on something of big value in the future, but don't know how to save for it. D. have cash promised to them at some future date.