Social forces:
a. affect the price mechanism through cultural norms.
b. affect the price mechanism through the educational system.
c. affect the price mechanism through scarcity.
d. do not affect the price mechanism.
a
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If a 10% increase in the price of one good, A, results in an increase of 5% in the quantity demanded of another good, B, then it can be concluded that A and B are
A. complementary goods. B. substitute goods. C. secondary goods. D. independent goods.
The essential precondition for economic growth, according to the textbook, is
What will be an ideal response?
Financial monetary assets which often cannot be readily used in commercial exchanges are included in:
A. M1. B. M2. C. credit cards. D. prepaid accounts.
Suppose that when the price of root beer rises 10%, the quantity of hotdogs demanded falls 5%. This would mean that hotdogs and root beer are
A. substitutes, with a cross price elasticity of 0.5. B. substitutes, with a cross price elasticity of -2.0. C. complements, with a cross price elasticity of -0.5. D. complements, with a cross price elasticity of -2.0.