The cross-price elasticity of demand measures
a. how the quantity demanded of one good changes along with income
b. the slope of the demand curve
c. the slope of the supply curve at the point of equilibrium
d. the responsiveness of the quantity demanded of one good to changes in the price of another good
e. how responsive changes in price are to changes in quantity demanded
D
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If the world real interest rate were to fall below the rate at which domestic saving and investment would be equal ________
A) saving would be greater than investment so the economy would be running a trade deficit B) investment would be greater than saving so the economy would be running a trade deficit C) investment would be greater than saving so the economy would be running a trade surplus D) saving would be greater than investment so the economy would be running a trade surplus E) none of the above
Credit cards are considered to be money because they facilitate exchange
a. True b. False
Refer to the figure above. If the government sets the minimum wage rate at $35, the unemployment in the market will be:
A) 20 units of labor. B) 25 units of labor. C) 15 units of labor. D) 10 units of labor.
When one person's opportunity cost of producing a good is lower than another person's opportunity cost of producing the same good, it is called
A) an absolute advantage. B) a comparative advantage. C) specialization. D) production possibilities. E) a trade-off.