If the value of the cross elasticity of demand is negative, the two goods are
A) complementary goods.
B) substitute goods.
C) normal goods.
D) inferior goods.
Answer: A
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Strategies and incentives:
A. work the same whether games are played once or repeated. B. often work quite differently when games are repeated. C. do not change when the game is repeated. D. None of these statements is true.
If the MRP of the 13th worker hired is $40 and the MLC of that worker is $34, the firm
a. lost money by hiring that worker b. cannot hire that worker unless more capital is added to production, in which case the firm will profit if the cost of the worker and capital is less than the revenue theworker generates c. profited only if price of the good increased d. must have lost money on the 12 workers it hired prior to hiring this 13th worker e. profited by hiring that worker
While not as relevant today, the trade theory that was useful in explaining the pattern of trade when the US dominated the global market is the ______ theory.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Figure 30.2 below to answer the question(s) that follow.
Figure 30.2Refer to Figure 30.2. Labor productivity at time t1 is
A. larger than labor productivity at time t2. B. larger than labor productivity at time t4. C. larger than labor productivity at time t3. D. larger than labor productivity at time t2, but less than labor productivity at time t3.