If the cross-price elasticity of demand between two products is positive, we can conclude that the two products are substitutes
Indicate whether the statement is true or false
TRUE
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In an open economy including the government, planned expenditures equals
A) C + I + G + X + M. B) C + I + G. C) C + I + G - X + M. D) C + I + G + X - M.
Increases in productivity are caused by
a. better education and training of the labor force. b. higher levels of literacy. c. improvements in technology. d. All of the above are correct.
Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market for ground meat?
A. Market clearing price will fall, and equilibrium quantity will rise. B. Market clearing price will fall, and equilibrium quantity will fall. C. Market clearing price will rise, and equilibrium quantity will fall. D. Market clearing price will rise, and equilibrium quantity will rise.
An initial allocation of goods is called a(n)
A) endowment. B) inheritance. C) pareto set. D) general equilibrium goods set.