Which of the following pairs of goods would be considered complementary?
a. Coca-Cola and Pepsi
b. computers and computer software
c. radios and televisions
d. mass transit and private automobiles
e. compact discs and cassette tapes
B
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. B; C C. B; A D. D; B
Individual economic decisions are coordinated by
A) markets through adjustments in sales levels. B) markets through adjustments in prices. C) government through adjustments in sales taxes. D) government through adjustments in income taxes.
What is one way to adjust the CPI for substitution bias?
A) Use the Paasche index. B) Use the Laspeyres index. C) Multiply the Paasche Index and the Laspeyres index. D) Take the geometric mean of the Paasche index and the Laspeyres index.
The measure of what households receive after personal income tax is deducted is
A. National income. B. Personal income. C. Disposable income. D. Gross domestic product.