Joe likes peanut butter and jelly sandwiches for lunch. We can conclude that for Joe the cross elasticity of demand for peanut butter with respect to jelly is
A) positive because jelly and peanut butter are substitutes.
B) positive because jelly and peanut butter are complements.
C) negative because jelly and peanut butter are substitutes.
D) negative because jelly and peanut butter are complements.
D
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The supply curve for tickets for a sporting event
A) is perfectly inelastic. B) is vertical. C) has a price elasticity of zero. D) All of the above.
To record adjusting journal entries in QuickBooks, select:
a. Company Center, Journal Entry icon b. Accountant menu, Make General Journal Entries c. Banking section of the Home page, Journal Entry icon d. Company section of the Home page, Journal Entry icon
Which of the following explains why the monetary policy implementation lag is relatively short?
I. The FOMC meets several times a year and policymakers are easily able to confer in between meetings. II. Open market operations, one of the Fed's policy instruments can be put into effect immediately. III. The Chairman of the Fed works in close collaboration with the President. IV. Most financial institutions are member banks and will not hesitate to put into effect any new monetary policy. A) I B) I and II C) I, II, and III D) I, II, III, and IV
Every economic model should include money as a variable. This statement is
A) true, because every transaction in the economy uses money. B) true, because the federal reserve is very important. C) false, because some transactions in the economy are accomplished without money. D) false, because a model can get unnecessarily complex if it includes money.