Why are cotton and wheat substitutes in production?
a. The production of one enables the production of the other.
b. They both can be produced using the same resources.
c. They both can be used by consumers for the same purposes.
d. The production of one negates the production of the other.
b. They both can be produced using the same resources.
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If demand is elastic, a decrease in price leads to a decrease in total revenue.
Indicate whether the statement is true or false.
Refer to the figures. The market is characterized by demand curve D2 and supply curve S1. The firms in the industry are earning ________, which will cause the______________.
Fill in the blank(s) with the appropriate word(s).
The Bulgarian currency, the lev, is pegged to the euro at a rate of 1.96 leva (leva is the plural of lev) to the euro. At the pegged exchange rate, how many euros would be exchanged for one lev?
A) 0.51 B) 1.00 C) 1.96 D) 3.84
The rising phase of a business cycle measured by an increase in real GDP is called:
A) trough. B) expansion. C) recession. D) contraction.