The measure used to determine whether two products are substitutes or complements is called the:
a. price elasticity of demand
b. income elasticity of demand.
c. cross-price elasticity of demand.
d. inverse elasticity of demand.
c
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National wealth includes
a. machinery and equipment. b. buildings. c. land. d. All of these.
An improvement in technology will tend to cause a society's production possibilities curve to shift outward
a. True b. False Indicate whether the statement is true or false
With the increasing normalization of relations with China, more and more Chinese goods appear on the U.S. market. Haven't you noticed it? If we buy more from China than China buys from us, then
a. the Chinese currency (the yuan) appreciates and we have an unfavorable balance of trade with China b. the Chinese currency (the yuan) depreciates and we have an unfavorable balance of trade with China c. the Chinese currency (the yuan) appreciates and we have a favorable balance of trade with China d. our balance of payments becomes increasingly negative e. our balance of payments becomes increasingly positive
The model of aggregate demand and aggregate supply explains the relation between
A. price and quantity of a particular good. B. unemployment and real output. C. wages and unemployment rate. D. real GDP and the price level.