The price elasticity of demand between milk and soda is likely to be:
A. negative, because the goods are complements.
B. positive, because the goods are complements.
C. negative, because the goods are substitutes.
D. positive, because the goods are substitutes.
Answer: D
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The table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15.Number ofCar WashesPer MonthTotal MonthlyBenefit fromCar Washes0$01$202$363$484$565$60What's the average benefit of 4 car washes per month?
A. $12 B. $4 C. $14 D. $8
Because the United States has a flexible exchange rate system, one would expect that
a. U.S. exports and imports would be in balance. b. the U.S. current account would be in balance. c. U.S. exports to China would be in balance with U.S. imports from China. d. all of the above are true. e. none of the above are true.
Which of the following is the most important nonmarket transaction omitted from the GDP?
a. service of housewives or househusbands b. tending small gardens c. bartering between two people d. mowing the lawn
Laws that make it difficult to start a new business lead to a
A. laissez-faire. B. more political freedom. C. high rate of economic growth. D. low rate of economic growth.