Hot dogs and hot dog buns are found to be related by the cross elasticity of demand. If they are complementary goods, the cross elasticity will be
a. positive.
b. equal to zero.
c. negative.
d. unknown.
c
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If nominal GDP is $230 for a period and real GDP is $200 for the same period, what is the GDP price index for this period?
What will be an ideal response?
A decrease in demand and an increase in supply results in a(n)
a. decrease in equilibrium price and an ambiguous effect on equilibrium quantity b. increase in equilibrium price and an ambiguous effect on equilibrium quantity c. ambiguous effect on equilibrium price and an increase in equilibrium quantity d. ambiguous effect on equilibrium price and an decrease in equilibrium quantity e. increase in equilibrium price and a decrease in equilibrium quantity
A gold standard pegs the currency to:
A) another nation that also adopts a gold standard. B) a basket of metals: gold, silver, platinum, and palladium. C) the price of gold in local currency. D) the U.S. dollar.
A particularly severe or protracted recession is called a(n):
A. peak. B. expansion. C. boom. D. depression.