For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated
a. Swim fins and scuba tanks
b. Coca Cola and Volkswagens
c. Printers and ink cartridges
d. Ice and ice chests
e. Heineken and Corona
a. Complements
b. Unrelated
c. Complements
d. Complements
e. Substitutes
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What is the current equilibrium price level and real GDP for the economy illustrated in the figure above? Does this economy have an inflationary gap, a recessionary gap, or neither?
As it adjusts toward full employment, which curve shifts? What is the equilibrium real GDP and price level that the economy will ultimately reach?
The marginal propensity to consume is: a. the relationship between a change in consumption and a change in income. b. the relationship between a change in consumption and a change in saving. c. the relationship between changes in consumption and changes in net wealth. d. the ratio of income to consumption at any given level of income
e. the ratio of total consumption to total saving.
The price of leisure is the
a. wage rate. b. interest rate. c. discount rate. d. rate of return on investment.
Which of the following is not a symptom associated with a price floor?
a. Excess of quantity demanded over quantity supplied. b. Sellers offering discounts in disguised forms. c. Problem of disposal created by excess supply. d. Survival of inefficient businesses.