A ______ percent decrease in price of a good and a ______ percent increase in demand of another good equals a cross-price elasticity of demand of –3.
a. –6; +12
b. –9; +36
c. –6; +18
d. –9; +18
c. –6; +18
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Refer to Budget Lines. If the consumer purchased basket D last year and basket A this year,
a. They are definitely better off this year than last year.
b. They were definitely better off last year than this year.
c. They could be equally well off in the two years.
d. It is impossible to tell wether they are better or worse off, even if we knew the person's preferences.
The income tax requires that taxpayers pay 10percent on the first $40,000 of income and 20 percent on all income over $40,000 . Karen paid $6,000 in taxes. What were her marginal and average tax rates?
a. 20 percent and 12 percent, respectively b. 20 percent and 15 percent, respectively c. 10 percent and 12 percent respectively d. 10 percent and 15 percent respectively
Which of the following is considered human capital?
a. the ingredients a chef uses to prepare meals b. the pots and pans and other tools a chef uses to prepare meals c. the financial capital a chef uses to start his own restaurant d. the skills a chef learns when attending a class about cake decorating
Under the Depository Institutions Deregulation and Monetary Control Act, all depository institutions are now subject to the Fed's _____; at the same time all depository institutions are now legally authorized to issue ______.
Fill in the blank(s) with the appropriate word(s).