Refer to Figure 6-8. Identify the two goods which are substitutes
A) Good X and Good Z
B) Good Y and Good Z
C) Good X and Good Y
D) It is not possible to distinguish any relationship among the goods.
A
You might also like to view...
The Bureau of Economic Analysis excludes from its calculation of GDP most of the goods produced that are not sold in markets because
A) their production has no real costs. B) their value is implicitly included in the prices of marketed goods. C) there is no satisfactory way to measure their value. D) they do not contribute to national welfare. E) this would be inappropriate for an exchange economy.
Present value is best defined as the:
A. worth or value today of future expected returns or costs. B. worth in the future of a current flow of returns or costs. C. current worth of a financial asset purchased in the past. D. expected future value of a financial asset purchased today.