All of the following are income in kind EXCEPT
A) government provided housing.
B) government provided education.
C) tips received by a waitress.
D) goods produced in the home.
C
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Distinguish between a change in demand and a change in quantity demanded
What will be an ideal response?
Suppose that the cross price elasticity of demand between good X and good Y is -1.55. This indicates that the two goods are
A) substitutes. B) complements. C) both inferior. D) completely unrelated in the minds of consumers.
Which of the following would lead to an increase in the supply of Russian rubles?
a. An increase in the dollar price of the ruble b. An increase in Russian GDP c. An increase in the U.S. price level relative to the Russian price level d. A decrease in the dollar-ruble exchange rate e. Expectation that the price of the ruble will rise.
If total spending is greater than the value of output, firms will
a. cut prices. b. decrease production levels. c. tend to raise prices. d. see inventories rise.