Sergio's rentals of Blu-ray movies increase by 10 percent when her income increases by 30 percent. Based on this information, we know that for Sergio, Blu-ray movies
A) are complements.
B) are substitutes.
C) are inferior goods.
D) have an inelastic demand.
E) are normal goods.
E
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Refer to the table above. The trade balance of the country during that particular year was ________
A) $4,000 B) -$104,000 C) -$6,000 D) $50,000
Economic profit is the best measure of a firm's performance because
A. economic profit fully accounts for all sources of revenue. B. the opportunity cost of using ALL resources is subtracted from total revenue. C. normal profit is generally too difficult to measure. D. only explicit costs influence managerial decisions since, in general, only explicit costs can be subtracted from revenue for the purposes of computing taxable profit.
Which of the following is most likely to reduce a federal budget surplus?
A. Lower inflation and lower unemployment rates. B. A booming economy with rising inflation rates. C. A recession. D. Higher inflation and higher unemployment rates.
The graphs below illustrate the market for a product on which an excise tax has been imposed by government. Refer to the below graph. What was the price of the product before the tax was imposed, and what is the price with the tax?
A. $8 and $5, respectively
B. $11 and $8, respectively
C. $8 and $11, respectively
D. $5 and $8, respectively