Tennis rackets and ballpoint pens are:
A. substitute goods.
B. complementary goods.
C. inferior goods.
D. independent goods.
Answer: D
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Joe buys chicken and beef. If the price of beef rises and the price of chicken does not change, Joe will buy ________ for the CPI
A) more beef and create a new goods bias B) more chicken and create a commodity substitution bias C) the same quantity of beef and chicken and create a commodity substitution bias D) less chicken and beef and create a quality change bias E) more chicken and eliminate the commodity substitution bias
A society will be at a point inside its production possibilities curve whenever
a. all resources are fully employed. b. income is equally distributed. c. some resources are unemployed. d. resources are scarce.
If the desired fiscal stimulus is $20 billion and the desired AD increase is $50 billion, we can conclude that
A. There is an inflationary gap. B. The MPC is 0.60. C. The multiplier is 2.0. D. The MPS is 0.60.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What is the sum of his explicit costs?
A. $26,000. B. $66,000. C. $78,000. D. $52,000.