The cross elasticity of demand for product X with respect to the price of product Y is -1.2. It can be inferred that X and Y are:
A. Substitute products
B. Complementary products
C. Luxury products
D. Unrelated products
B. Complementary products
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Between which pair of countries or continents listed below has real GDP per person converged the most since 1960?
A) Canada and Japan B) United States and Africa C) United States and South America D) Canada and South America
During the severe 2007-2009 recession, Delta Airlines sold ________ passenger tickets and ________ the prices of the tickets it did sell. The result was a $1.2 billion loss in 2009
A) fewer; raise B) more; raise C) more; cut D) fewer; cut
Suppose that Y = 4,000 and we are at a point on the money demand schedule where (M/P) = 600. Should Y rise to 4,200, the same quantity of real money balances
A) will not be demanded under any conditions. B) will be demanded again provided the interest rate does not change. C) will be demanded again provided the interest rate rises by a certain amount. D) will be demanded again provided the interest rate falls by a certain amount.
Laissez-faire refers to a situation in which there is ____ with the workings of the market system
a. zero consumer involvement b. zero government interference c. minimal government interference d. complete government interference