Which of the following is an example of intraindustry trade?
A) Trading peanut oil for tractors
B) Trading crude oil for automobiles
C) Trading Nokia smartphones for Apple iPhones
D) Trading jeans for cotton
C
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A determinant of the price elasticity of supply that is also a determinant of the price elasticity of demand is:
A. availability of inputs. B. flexibility of the production process. C. adjustment time. D. whether the good is a luxury or a necessity.
Refer to Budget Lines. If the consumer purchased basket D last year and basket A this year,
a. They are definitely better off this year than last year.
b. They were definitely better off last year than this year.
c. They could be equally well off in the two years.
d. It is impossible to tell wether they are better or worse off, even if we knew the person's preferences.