If two goods are substitutes, their cross-price elasticity will be
a. positive.
b. negative.
c. zero.
d. equal to the difference between the income elasticities of demand for the two goods.
a
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Refer to the above table. Which country has the lowest increase in per capita real GDP between 2014 and 2015?
A) A B) B C) C D) D
When was the closest the United States has ever gotten to hyperinflation?
a. During the Great Depression b. During the Great Recession c. During the Civil War d. During World War II
As the interest rate rises, the cost of a given investment project __________ and businesses invest __________
A) rises; more B) rises; less C) falls; more D) falls; less
Costume jewelry is produced in a monopolistically competitive market. One producer finds that MR = MC = $3 when output is 700 necklaces. An economist studying this information can conclude that:
A. the producer is charging a price of $3. B. economic profit is $2,100. C. the producer charges a price greater than $3. D. new firms will want to enter.