Two items which have a negative cross price elasticity of demand are referred to as
A) luxury goods.
B) inferior goods.
C) substitutes.
D) complements.
Answer: D
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Refer to Figure 2-6. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 6 thousand hammers B) 30 thousand wrenches C) 23 thousand hammers D) 8 thousand wrenches
One difference between the federal government budget and state and local budgets is that
a. deficits in state and local governments average zero over longer periods of time. b. cyclical deficits are zero for state and local governments. c. state and local governments typically run surpluses. d. both a and b. e. none of the above.
Why does the U.S. government maintain a monopoly in the delivery of first-class mail? Does the Postal Service nevertheless face other forms of competition?
A relationship between two variables in which one variable increases at the same time that the other increases is called
A. inverse. B. constant. C. direct. D. nonlinear.