If bottled water, soft drinks and juices are included in the definition of the beverage market, then the relevant definition of the market is defined by
A) the locations of products that are produced.
B) the low degrees of substitution between products in the market.
C) the high degrees of substitution between products in the market.
D) a low level of competition among firms producing those products.
Answer: C
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The national debt is the amount
A) by which government outlays exceed tax revenue in a given year. B) by which government tax revenue exceed outlays in a given year. C) of government outlays summed over time. D) of debt outstanding that arises from past budget deficits. E) of all future entitlement spending.
The economy's self-correcting mechanism to eliminate a recessionary gap relies on
a. falling interest rates that shift the aggregate demand curve outward. b. falling wage rates that shift the aggregate supply curve outward. c. rising wage rates that shift the aggregate supply curve inward. d. increases in the price level that shift the aggregate supply curve inward.
A binding price ceiling may not help all consumers, but it does not hurt any consumers
a. True b. False Indicate whether the statement is true or false
According to the Kahneman-Tversky value function,
A. small gains should be combined with large gains. B. small gains should be subtracted from large losses. C. small gains should be segregated from large losses. D. small losses should be segregated from large losses.