Use the above figure. Which graph depicts complementary goods?
A) A
B) B
C) C
D) D
C
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The political functions of government differ from the economic functions of government in that
A) the political functions relate to income distribution while the economic functions relate to the way exchange is carried out. B) the political functions are performed at the federal government while the economic functions are at the state and local government levels. C) the political functions involve elections and the court systems while the economic functions involve taxation and transfers. D) the President deals with the economic functions while Congress deals with the political functions.
If the supply curve for aspirin is perfectly elastic, a reduction in demand will cause the equilibrium price to: a. rise and the equilibrium quantity to fall
b. rise and the equilibrium quantity to stay the same. c. fall and the equilibrium quantity to fall. d. stay the same and the equilibrium quantity to fall.
Suppose that the number of units of good A consumed falls 10 percent when the price of good B falls 5 percent. The cross price elasticity of demand between goods A and B is
A. 2.0. B. 0.2. C. 0.5. D. 5.
About 1 out of every _____ black Americans is poor.
A. 12 B. 7 C. 4 D. 2