Two goods are complements if an increase in the price of one good leads to an increase in demand for the other.
Answer the following statement true (T) or false (F)
False
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If Canada began to export maple syrup to Australia, which of the following will happen?
a. The price of maple syrup in Australia will increase and Australian consumers will be made worse off. b. The price of maple syrup in Australia will decrease and the Australian consumers will be made better off. c. The price of maple syrup in Canada will decrease and the Canadian consumers will be made better off. d. The price of maple syrup in Canada will increase and the Canadian consumer will be made worse off. e. The price of maple syrup in Canada will decrease and the Canadian consumer will be made worse off.
The more elastic the demand for a good, the _____
a. larger the deadweight loss from a tax b. smaller the deadweight loss from a tax c. more the tax burden on the buyers d. more the tax revenue of the government
When comparing stock indexes around the world we:
A. can examine their respective movements if we look at them as percentage changes. B. find that a given percentage change across all indexes has the same value. C. observe that they always move together. D. can see that the numeric change in indices allows investors to make easy comparisons of value.
The Bertrand theory of oligopoly assumes:
A. rivals will decrease output whenever a firm decreases its output. B. rivals will follow the learning curve. C. rivals will increase their output whenever a firm increases its output. D. firms set prices.