Refer to Scenario 13.1. If Dean gets to set the agenda, he will pit ________ in the first round to assure that ________ wins the first round vote
A) calamari and jalapeno poppers; jalapeno poppers
B) calamari and potato skins; potato skins
C) potato skins and calamari; calamari
D) jalapeno poppers and potato skins; jalapeno poppers
B
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If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent, then X and Y are
A) complements and the cross elasticity of demand equals 2. B) substitutes and the cross elasticity of demand equals 1/2. C) substitutes and the cross elasticity of demand equals 2. D) complements and the income elasticity of demand equals 2. E) normal goods and the income elasticity of demand of each equals 2.
Between which pair of countries or continents listed below has real GDP per person converged the most since 1960?
A) Canada and Japan B) United States and Africa C) United States and South America D) Canada and South America
To stay one step ahead of the forces of competition, a firm can adopt one of these strategies except
a. Cost reduction b. Product differentiation c. Advertising d. Reduction in the intensity of competition
The net loss to society from a tax on a product can be measured as: a. the loss in consumer surplus
b. the loss in producer surplus. c. the loss in both consumer and producer surplus. d. the difference between the loss in consumer and producer surplus and the gain in tax revenue.