Which of the following goods are most likely to be substitutes?
a. potato chips and chip dip b. bread and peanut butter
c. ketchup and French fries d. bananas and apples
d
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Suppose that in a certain society $10,000 is the official cut-off of income for the poor. This means that any person making less than $10,000 is considered poor. Suppose further that there are three people in this society: Randy, Marlon, and Tito, with incomes of $9,900, $9,900, and $5,000, respectively.
A) How many people are in poverty? B) How much income would it take, on average, to lift every poor person out of poverty? C) What if some policy caused $200 to be taken from Tito and given to Randy. How many people are in poverty now? How much income would it take, on average, to lift every poor person out of poverty?
During 2001-2012, the federal budget deficit
a. expanded and real government spending increased rapidly, indicating that fiscal policy was restrictive. b. expanded and real government spending increased rapidly, indicating that fiscal policy was expansionary. c. declined and real government spending fell, indicating that fiscal policy was restrictive. d. declined and real government spending fell, indicating that fiscal policy was expansionary.
Refer to the above figure. The highest price that consumers would be willing to pay for quantity Q2 is
A. P0. B. P2. C. P1. D. cannot be determined from the diagram.
The most common of all nonprice rationing systems is
A. favored customers. B. ration coupons. C. price ceilings. D. queuing.