As the price of good A rises, the demand for good B rises. Therefore, goods A and B are
A) normal goods.
B) inferior goods.
C) substitutes.
D) complements.
E) none of the above
C
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The output of a bakery is 250 loaves of bread, when 10 workers are employed. If one more worker is hired, the total output increases to 275 loaves
Given that labor is the only variable input that the bakery uses, and the market wage rate is $10, calculate the marginal cost when employment is increased from 10 to 11 workers.
In the fooling model's labor market diagram, from an initial intersection point of the labor supply and demand curves, tracing "northeast" up the labor supply curve shows
A) what happens to real wages and employment when aggregate demand expands. B) what happens to real wages and employment when aggregate demand contracts. C) what workers think is happening to real wages if an aggregate demand expansion fools them. D) what firms think is happening to real wages if an aggregate demand expansion fools them.
You are considering renting a car for the weekend. It costs $200 for the car plus $0.20 per mile (including gas). Suppose you have already rented the car for the week and then add the 300 mile addition to your trip. Now what is the cost of the journey?
A. $100 B. $260 C. $0 D. $60
During the financial crisis of 2007-2009 which of the following countries experienced a decline in real GDP roughly twice that of the United States?
A. United Kingdom B. Canada C. Turkey D. Japan