Jill consumes nothing but soup and cola. If cola is a luxury good for Jill, then soup must be a necessity
Indicate whether the statement is true or false
True . The weighted sum of income elasticities must sum to one. Because the income elasticity of cola is >1, the income elasticity of soup must be <1.
Economics
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The nominal rate of protection shows the extent to which the domestic price of imported goods exceeds
(a) what the price would be without tariffs. (b) the cost of intermediate inputs. (c) the social opportunity costs of the good. (d) the no-trade equilibrium price.
Economics
Unemployment that results when individuals who have voluntarily quite their jobs are seeking jobs is called
A) cyclical unemployment. B) turnover unemployment. C) mismatch unemployment. D) natural unemployment.
Economics