The relative price of a good is that price
A) expressed in today's dollars.
B) expressed in constant 2012 dollars.
C) expressed in terms of the price of another good.
D) that is equal to the equilibrium price.
C
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Living wage laws have been instituted at the state level and affect a large number of jobs
Indicate whether the statement is true or false
Accelerated depreciation laws may increase firms' investment in equipment because:
a. machines will wear out more rapidly. b. profits will be increased. c. the rental rate on capital will be reduced. d. the price of machines will fall.
In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made.
A. government B. market C. firm D. business sector
Which of the following goods are not close substitutes?
a. Peanut butter and jelly b. Margarine and butter c. Tea and coffee d. Beef and chicken