Which of the following accounts for the largest percentage of spending by households in the United States?
a. durable goods
b. nondurable goods
c. services
d. insurance payments
e. underground activities (e.g., illegal activities)
C
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The French Bakery ran a special which decreased the price of its croissants from $1.50 to $1.00. Although her money income had not changed, Toni decided to buy 2 croissants instead of her usual 1 bagel and 1 croissant
Toni's actions are explained by which of the following? A) income and substitution effects B) price effect C) consumption effect D) income effect only or substitution effect only but not both effects
By 2017, Pepsi and Coke were attempting to increase their profits in the bottled water market by introducing premium water brands. Pepsi and Coke introduced LIFEWTR and Smartwater, respectively, while competitors like Nestle and Danone produced their own
versions of premium water. The premium water brands marketed to compete with LIFEWTR and Smartwater would be considered A) complements to LIFEWTR and Smartwater. B) substitutes for LIFEWTR and Smartwater. C) inferior goods compared to LIFEWTR and Smartwater. D) normal goods compared to LIFEWTR and Smartwater.