What is the most likely effect of the development of XBOX with DVD capabilities on the DVD player industry?
a. Increased price elasticity of demand for the DVD player industry because XBOX are complements
b. decreased price elasticity of demand for the DVD player industry because XBOX are complements
c. Increased price elasticity of demand for the DVD player industry because XBOX are substitutes
d. decreased price elasticity of demand for the DVD player industry because XBOX are substitutes
c
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According to the graph shown, consumer surplus is area:
A. A + B + C.
B. B.
C. A.
D. A + B.
The largest single factor contributing to the increase in the health care spending is:
a. increasing administrative costs of health care b. expanded capabilities of medicine brought about by technological advances c. increasing prices in the health care sector d. none of the above
In a simple economy without government or the foreign sector, saving must equal investment because output is divided into consumption and investment, and income is either consumed or saved.
Answer the following statement true (T) or false (F)
If real GDP is $17,700 billion (in 2012 dollars) in 2017 Q2 and $18,400 (in 2012 dollars) in 2018 Q2, then the non-annualized quarterly growth rate of real GDP is
A. 1.0%. B. 4.0%. C. 0.4% D. 16.8%.