If the cross elasticity of demand is negative, that means the goods
A) have elastic demands.
B) have inelastic demands.
C) are complements.
D) are substitutes.
E) are inferior.
C
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Refer to Table 7-5
a. Which person has an absolute advantage in the production of pens? Pencils? b. Which person has a comparative advantage in the production of pens? c. Which person has a comparative advantage in the production of pencils?
England's mercantilist principles:
a. were active from the early 1600s. b. were active from the early 1700s. c. were a response to Spanish tariffs. d. were pursued by Charles II after 1685.
If society were to maximize the utility of its best-off member, the final allocation would be
A) perfect equity. B) on the contract curve. C) Pareto efficient. D) one in which one person gets everything.
In 2015, the fraction of the American population that smokes is
A. 43%. B. 25%. C. 5%. D. 17%.