Which of the following is the best example of the concept of "substitute"?
A. Coke and Pepsi
B. Hot dogs and hot dog buns
C. SUVs
D. Ramen noodles
Answer: A
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Suppose there are 10 apples and 10 oranges in the economy. Joe is currently consuming 4 apples and 5 oranges, and Jane is consuming 6 apples and 5 oranges
At this allocation, Joe's marginal utility of apples is 3, and his marginal utility of oranges is 5. Jane's marginal utility of apples is 6, and her marginal utility of oranges is 10. If the current price of apples is $4 and the current price of oranges is $5, then there is an: A) excess demand for apples and an excess supply of oranges. B) an excess demand for oranges and an excess supply of apples. C) equilibrium in the market with no excess supply or demand for either good. D) an excess supply of apples and oranges.
If a German firm owns a U.S.-based firm that is domiciled in the U.S., the combined firm is subject to the corporate tax laws in ________ and income tax laws in ________.
A) Germany; Germany B) Germany; U.S. C) U.S.; Germany D) U.S.; U.S.
The basic economic problem is:
a. inflation. b. unemployment. c. poverty. d. scarcity. e. lack of money.