An example of a biomass fuel is
(a) coal.
(b) nuclear fuel.
(c) manure.
(d) oil.
C
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According to the Aggregate Demand Aggregate Supply diagram, short-term, an anti-inflation policy creates:
A. higher output. B. higher unemployment C. lower inflation. D. higher inflation.
Cross-price elasticity of demand is used to determine whether
a. a product is an inferior or normal good b. a product is a necessity or a luxury c. two products are substitutes or complements d. price and total revenue are directly or inversely related e. the product's demand curve is linear
Income elasticity of demand is greater than zero for all of the following except
a. restaurant meals b. beer c. owner-occupied housing d. food e. rental housing
Which of the following most accurately describes equilibrium in a market?
a) The quantity supplied and the quantity demanded are equal at the current price. b) The number of sellers is equal to the number of buyers. c) Quantity demand exceeds quantity supply. d) Quantity supply exceeds quantity demand.