Forms of commitments include
A) warranties.
B) guarantees.
C) advertising expenditures.
D) all of these choices are forms of commitments.
D
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Which of the following goods has a low, but positive, income elasticity of demand?
A) furniture. B) new cars. C) health insurance. D) all of the above E) none of the above
An economy that interacts with other economies is called:
A. an open economy. B. a closed economy. C. an international economy. D. a global economy.
Which of the following statements about unanticipated inflation is true?
a. It reduces average purchasing power in the economy. b. It reduces total purchasing power in the economy. c. It redistributes purchasing power in the economy. d. It reduces nominal wages. e. Its effects are spread evenly throughout the economy so that no one gains or loses from inflation.
Exhibit 21-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 21-4, compared to Brazil, China has a comparative advantage in the production of:
A. coffee. B. tea. C. both coffee and tea. D. neither coffee nor tea.