Based on the following pieces of information, which fast food product do consumers see as the closest substitute for Wendy's Hamburgers?
A) Kentucky Fried Chicken, which has a cross elasticity of 1.70 with Wendy's
B) McDonald's hamburgers, which have a cross elasticity of 1.01 with Wendy's
C) Pizza Hut pizza, which has a cross elasticity of zero with Wendy's
D) Taco Bell tacos, which have a cross elasticity of -1.25 with Wendy's
A
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Identify the main reason to expect convergence in the long run.
A. Low-productivity countries learning from high-productivity countries B. Rapid growth in the supply of capital in low-productivity countries C. Educational attainment rising quickly in low-productivity countries D. Economic complacency and mismanagement in high-productivity countries
An event that allows the economy to operate more efficiently by producing more outputs without using any more inputs is referred to as
A) technological progress. B) absolute progress. C) efficiency progress. D) capital investment.
Define expected utility
What will be an ideal response?
One way in which the Heckscher-Ohlin model differs from the Ricardo model of comparative advantage is by assuming that ________ is (are) identical in all countries
A) factor endowments B) scale of production C) factor intensities D) technology E) opportunity costs