Suppose goods A and B are substitutes. If the price of good A increases, will the demand for good B increase or decrease?
The demand for good B will increase.
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The table above gives the values of different expenditures in the United States during 1999. Answer the following questions about the United States
a. What was the value of net exports of goods and services in 1999? b. What was (nominal) GDP equal to in 1999? c. What was the (nominal) value of total production equal to in 1999?
A perfectly competitive firm has a random demand with a 20 percent chance of being $10, a 20 percent chance of $16, and a 60 percent chance of being $20. What is the firm's expected marginal revenue?
A) $16.00 B) $16.40 C) $17.20 D) $15.20
If the cross price elasticity of demand between two commodities is positive, then these commodities are
A) are superior. B) are complements. C) are substitutes. D) are inferior.
Over the past century, the main factor responsible for rising living standards in the United States has been productivity growth
a. True b. False Indicate whether the statement is true or false