For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated
a. House plants and potato chips
b. Eyeglasses and contact lenses
c. Motorcycles and gasoline
d. Smartphones and smartphone apps
e. Red wine and white wine
a. Unrelated
b. Substitutes
c. Complements
d. Complements
e. Substitutes
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Which of the following institutions is the most important participant in foreign currency markets?
A) A retail customer B) A commercial bank C) A foreign exchange broker D) A central bank E) None of the above.
What does an empirical analysis of the key votes at the Constitutional Convention suggest?
(a) Merchants, manufacturers, capitalists, creditors, and public and private security holders supported a national system of government. (b) Delegates from larger and coastal states, as well as bankers and other private debt holders, were most likely to support the new Constitution. (c) Slaveholders were likely to stand in opposition to the Constitution, while farmers and debtors were either opposed or indifferent. (d) All of the above are correct.
Economic models do not reflect the full complexity of reality, but instead are based on:
A. Simplifications B. Tradeoffs C. Value judgments D. Predictions