Which of the following pairs of goods are most likely substitutes?
A) DVDs and DVD players
B) cola and lemon lime soda
C) lettuce and salad dressing
D) peanut butter and gasoline
B
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?Monopoly power can last only if there are legal barriers to entry for other firms.
Answer the following statement true (T) or false (F)
Activists believe that
A) monetary policy should not be used to smooth out the business cycle. B) fiscal policy should not be used to smooth out the business cycle. C) the frequent use of fiscal or monetary policy is called for to smooth out the business cycle. D) rules should be established for the conduct of both monetary and fiscal policy.
If the price elasticity of demand for water is inelastic, which of the following could be a possible value of the elasticity?
A. 2 B. 1 C. 0.5 D. All of these
Economic growth is severely impeded in economies:
A. with a lack of clear property rights. B. with a strong market system. C. with high rates of convergence. D. which encourage induced innovation.