The cross-price elasticity of demand between product X and product Y is -1.2. It can be inferred that X and Y are
A. complements.
B. inferior.
C. substitutes.
D. unrelated.
Answer: A
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The theory of comparative advantage suggests that nations should produce a good if they:
a. have the lowest opportunity cost. b. have the lowest wages. c. have the most resources. d. can produce more of the good than any other nation.
Within corporations, there are ________ systems that motivate individuals and teams to make the most efficient decisions on products sales.
A. automatic administrative B. no automatic administrative C. no automatic market-driven D. automatic market-driven
Compared to the early 1950s, today farm output per labor-hour is
A. 20 times greater than it was then. B. The same as it was then. C. 20 percent less than it was then. D. 10 times greater than it was then.
Which of the following is an example of a normative statement?
A. Immigration should be allowed in the United States. B. The federal minimum wage is $7.25. C. The cost of basic health insurance rose from the previous year. D. Tom is a college student.