Suppose hamburgers and hotdogs are substitute goods. Other things constant, a rise in the price of hotdogs would tend to
A) decrease the demand for hotdogs.
B) decrease the demand for hamburgers.
C) increase the demand for hotdogs.
D) increase the demand for hamburgers.
E) do any of the above, because nobody needs hotdogs or hamburgers.
D
Economics
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The above figure depicts an economy
A) with an inflationary gap. B) with a recessionary gap. C) producing at full employment. D) None of the above answers is correct.
Economics
You lend $5,000 to a friend for one year at a nominal interest rate of 10%. Inflation during that year is 5%. As a result, you will receive ________ at the end of the year, but that money has a purchasing power of ________
A) $5,050; $5,025 B) $5,100; $5,050 C) $6,000; $5,500 D) $5,500; $5,250
Economics