For products like virtual reality headsets, ________ products such as games produced for use with the headsets have shown to be needed for the headsets to compete with ________ products like game consoles
A) complementary; complementary
B) complementary; substitute
C) substitute; complementary
D) substitute; substitute
Answer: B
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The statement "Gross domestic product (GDP) values all output equally" means that:
a. household production is treated the same as production by firms b. depreciation of manufactured capital is treated the same as depletion of natural resources. c. the purchase of pollution control equipment is valued the same as pollution itself. d. leisure time is valued the same as time spent working a job. e. the market price of output is the measure of that output's value.
Total expenditure equals price times quantity
a. True b. False Indicate whether the statement is true or false
If the price of output increases, the equilibrium wage of workers who produce that output will ________ and ________ workers will be hired.
A. increase; more B. increase; fewer C. decrease; more D. decrease; fewer
The world's population increased so rapidly from 1800 to the present day because of higher:
A. Birthrates and lower standards of living B. Standards of living and higher birthrates C. Standards of living and lower death rates D. Death rates and higher standards of living