If it is possible to make a change that will help some people without harming others, then the situation is:
A. efficient.
B. inefficient.
C. unfair.
D. fair.
Answer: B
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If the cross elasticity of demand between Coke and Pepsi is 2.02, then Coke and Pepsi are
A) complements. B) substitutes. C) normal goods. D) inferior goods. E) Both answers B and C are correct.
Accounting profits can tell a business _______________________, and economic profits can tell a business ______________________.
A. if it is making money with this venture; if it can make more money with a different venture B. if it can make more money with a different venture; if it is making money with this venture C. if it is a profitable business; if it can be any more profitable D. if it can be any more profitable; if it is profitable
When the extraordinary failures of S&Ls drove FSLIC into financial crisis, the
a. government diverted taxes from funding government projects to support the FSLIC b. government created the FDIC to replace the FSLIC c. government created the Resolution Trust Corporation to handle the crisis d. Federal Reserve permanently lowered the discount rate which relieved FSLIC of financial pressure e. Treasury Department issued bonds to cover FSLIC losses
Which effect of a price change moves the consumer along the same indifference curve to a point with a new marginal rate of substitution?
a. the budget effect b. the preference effect c. the substitution effect d. the income effect