A product that is a close substitute but not a perfect substitute for the products of the other firms is called
A) a homogeneous product.
B) an efficient product.
C) a differentiated product.
D) an inelastic product.
C
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It is estimated that, on the average and without taking account of skill differentials, union wages are
A) equal to nonunion wages. B) less than nonunion wages. C) 66 percent higher than nonunion wages. D) 100 percent higher than nonunion wages. E) 30 percent higher than nonunion wages.
How do changes in income tax policies affect aggregate demand?
A) Higher taxes increase disposable income, consumption, and aggregate demand. B) Higher taxes reduce disposable income, consumption, and aggregate demand. C) Higher taxes increase corporate investment and aggregate demand. D) Higher taxes increase aggregate supply and thus increase aggregate demand as well.