If a price increase of Product A increases the quantity demanded of Product B, then Product B is a/an;
(a) Inferior product.
(b) Complementary product.
(c) Substitute product.
(d) None of the above.
Answer: (c) Substitute product.
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It is important to place particular stress on the role of primary education in the development strategy because of
(a) LDC's comparative advantage from basic skills education. (b) the law of diminishing returns. (c) development emphasis on poverty alleviation. (d) all of the above.
________________, which produced ______________, is commonly cited as the first American factory
a. The Oliver Evans Mill; flour b. The Almy, Slater, Brown Mill; yarn and thread c. The Boston Manufacturing Company; cotton d. The Whitney Armaments Firm; guns
The additional cost a firm will incur by producing one additional unit of output is the:
A. variable cost. B. marginal cost. C. fixed cost. D. total cost.
An increase in tax rates as a result of a new tax law passed by Congress is an example of? ___________
A. increasing the government deficit B. increasing the government debt C. discretionary fiscal policy D. needs?tested taxing change.