Refer to the indifference curve in Figure 3.3. Which of the following statements is correct?
A) This individual receives no satisfaction from Good A.
B) This individual receives no satisfaction from Good B.
C) This individual will only consume A and B in fixed proportions.
D) none of the above
B
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To calculate GDP it is necessary to add up the market value of all the ________ produced within a country during a year
A) intermediate goods and services produced and all the final goods and services produced B) intermediate goods and services produced C) goods but not services produced D) final goods and services produced E) goods and services produced
The cross elasticity of demand is
A) the percentage change in the demand of one good divided by the percentage change in price of another good. B) the change in the price of one good divided by the change of quantity demanded of another good. C) the percentage change in the quantity demanded of one good divided by the percentage change in the quantity demanded of another good. D) the percentage change in the price of one good divided by the percentage change in the price of another good.