The cross-price elasticity of demand is measured by the
a. change in quantity demanded of one good divided by the change in price of another good
b. percentage change in quantity demanded of one good divided by the percentage change in its price
c. percentage change in demand for one good divided by the percentage change in income
d. percentage change in quantity supplied of one good divided by the percentage change in the price of another good
e. percentage change in quantity demanded of one good divided by the percentage change in price of another good
E
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The major cause of the recession in 2001 was a decline in _____________ spending.
Fill in the blank(s) with the appropriate word(s).
. Fill in the blanks. For an inferior good, the income effect is _________, and the substitution effect is _______.
a. positive; positive b. positive; negative c. negative; positive d. negative; negative.
Which of the following statements about public education is TRUE?
A. Most of the increases in public spending on public education have gone into programs that have increased student learning. B. Over the last 40 years, there has been a decrease in public spending for public education, while there has not been a significant increase in performance. C. Over the last 40 years there has been no decline in any of the measures of student performance in public education. D. Over the last 40 years, there has been an increase in spending for public education, while there has not been a significant increase in performance.
Which one of the following is a big problem in large groups?
A. Buyer-supplier conflicts B. Free-rider problem C. Useless group leader D. Adverse selection problem