How can one tell from cross elasticity what kind of relationship exists between any two goods?
What will be an ideal response?
If the price of X increases and the quantity demanded of Y decreases, resulting in a negative cross elasticity, the two goods are complements. If the price of X increases and the quantity demanded of Y increases, resulting in a positive cross elasticity, the two goods are substitutes.
Economics
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Which of the following are not included as a component of national income?
a. Corporate profits b. Compensation of employees c. Net interest income d. Capital gains and capital losses
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The United Kingdom dropped out of the ERM to avoid worsening a recession
Indicate whether the statement is true or false
Economics