Ans: E) powdered and liquid laundry detergent
Which of the following is the best example of a pair of substitute goods?
A) coffee and cream
B) videotapes and VCRs
C) money and biscuits
D) tortillas and salsa
E) powdered and liquid laundry detergent
Economics
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In a barter system, we would expect to see
A) many different units of money. B) money and goods exchanged for each other. C) wide-spread financial institutions. D) goods traded directly for other goods and services.
Economics
A > B means:
A. bundle A is equally preferred to bundle B. B. bundle A is not preferred to bundle B. C. bundle A is preferred to bundle B. D. bundle A is greater than bundle B.
Economics
There is a paradox that water has a high marginal utility, yet we value it little, while diamonds have a low marginal utility, while we value them highly
Indicate whether the statement is true or false
Economics
The cross elasticity of demand is
A. the change in the price of one good divided by the change of quantity demanded of another good. B. the percentage change in the price of one good divided by the percentage change in the price of another good. C. the percentage change in the demand of one good divided by the percentage change in price of another good. D. the percentage change in the quantity demanded of one good divided by the percentage change in the quantity demanded of another good.
Economics