A negative cross-elasticity of demand for two products indicates that they are:
A. complements.
B. independent goods.
C. normal goods.
D. substitutes.
Answer: A
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The prediction that workers get additional training only when the rewards from the training are expected to exceed the costs of the training (including the opportunity costs) is based on the:
A. cost-benefit principle. B. principle of comparative advantage. C. principle of diminishing returns to capital. D. scarcity principle.
The U.S. Department of Commerce has been developing so-called "green accounting" to: a. include the value of leisure in the gross domestic product (GDP) of the country. b. register the impact of pollution and natural resource depletion
c. value the output of new firms. d. illustrate the difference between nominal GDP and real GDP. e. measure the value of the output produced by inexperienced workers.
What are substitute goods, and how does a change in the price of one substitute good influence the demand for the other?
What will be an ideal response?
the long-run aggregate supply curve shows the
What will be an ideal response?