The cross-price elasticity of demand between Quaker State motor oil and Texaco motor oil is likely to be
A. a positive number.
B. a small negative number.
C. a large negative number.
D. zero.
Answer: A
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A supply restriction that restricts the amount of a good that can be imported is a(n)
A) white market. B) tariff. C) black market. D) import quota.
What does the slope of a straight line equal? How is the slope of a curved line calculated?
What will be an ideal response?
As the U.S. population ages, the structure of the demand for food products will change with
A) an increase in the demand for red meat products and a decrease in the demand for fish and poultry. B) an increase in the demand for dairy products and a decrease in the demand for red meat. C) an increase in the demand for fruits, vegetables and fish and a decrease in demand for fried foods, dairy products and items that contain a lot of sugar. D) an increase in the demand for beverages and drinks and a decrease in the demand for solid food.
The "urban consumers" that the CPI is based on includes anyone living in a city of:
A. 2,500 or more. B. 50,000 or more. C. 100,000 or more. D. 150,000 or more.