A variable which is independent of the level of income is
A) endogenous.
B) exogenous.
C) autonomous.
D) irrelevant to any theory of income determination.
C
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Suppose milk and chocolate syrup are complements (mixed together they make chocolate milk). If the price of milk increased by exactly 25%, the economic way of thinking suggests
A) the demand for milk would decrease. B) the demand for chocolate syrup would decrease. C) the demand for milk would decrease by exactly 25%. D) the demand for chocolate syrup would decrease by exactly 25%.
Suppose the demand in a certain duopoly market with homogenous goods is Qd = 8,000 - 100P. The two firms in the market are firm V and firm W, and the marginal cost of producing the goods in question is equal to $25. Which of the following describes the Nash equilibrium in this market?
A. PV = PW = $25 B. One of the firms charges a price higher than $25, and one of the firms charges a price lower than $25. C. PV = PW > $25 D. PV = PW < $25
Special interests are _____ on political issues where they may receive concentrated benefits
a. stable b. cyclical c. rationally ignorant d. not rationally ignorant
What are the inherent disadvantages of a barter system?