The observation that the demand curve for grape jelly shifts rightward every time the price of peanut butter falls means that grape jelly and peanut butter are
A) complements.
B) substitutes.
C) inferior goods.
D) normal goods.
A
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One part of the explanation for the persistently high rates of unemployment in Western Europe is:
A. labor market rigidities. B. productivity growth. C. increases in labor supply. D. increases in labor demand.
Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 50 sliders and 50 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
Japanese exports are heavily concentrated in
A) agricultural products such as rice. B) natural resource products such as coal. C) manufactured products including motor vehicles. D) Both A and C.
Which of the following is a behavioral implication of bounded rationality?
A) unbounded selfishness B) a rule of thumb C) a rational mistake D) a nervous breakdown