Robert must always have sugar in his coffee. For Robert, the cross price elasticity of demand for coffee and sugar is
A. equal to 0.
B. negative.
C. positive.
D. impossible to determine without more information.
Answer: B
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Which of the following statements best describes the union movement between 1800-1860?
a. Unions were composed primarily of craftsmen. b. Unions were concentrated primarily in rural towns and villages. c. Union membership grew consistently through the period and comprised a substantial portion of the working population. d. Women were more likely to belong to unions than men.
Define the following terms and explain their importance to the study of macroeconomics. a. Structural budget deficit b. Monetize the deficit c. Crowding out d. Inflation accounting e. Mix of fiscal and monetary policy
What will be an ideal response?
The defining features of business cycles is that they
A. are inherently bad B. represent the underlying trend of real GDP C. are fluctuations about trend of real GDP D. measure prospects for future growth in the economy
Money is:
A. controlled by the supply and demand of goods and services on which our money is spent. B. represented only by the amount of dollars and coins in our economy. C. the set of all assets that are regularly used to directly purchase goods and services. D. anything that we use to buy goods and services as long as it is not a good itself.