Which of the following pairs of goods are substitutes?
A) Baseball bats and baseballs
B) Hot dogs and mustard
C) Computer hardware and software
D) Gasoline and motor oil
E) Owner-occupied housing and rental housing
E
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Suppose that over the next few years, the demand for dancing to country and western music decreases. Hence, at country and western dance clubs, the equilibrium price of admission ________, and the equilibrium quantity of dancing ________
A) rises; increases B) falls; increases C) rises; decreases D) falls; decreases E) does not change; decreases
If government policy makers were worried about the inflationary potential of the economy, which of the following would be a correct fiscal policy change? a. Decrease consumption taxes
b. Decrease government purchases of goods and services. c. Increase government purchases. d. None of the above.