The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans are
A. . substitutes.
B. . complements.
C. . luxuries.
D. . Necessities.
If the price of one dozen eggs increases from $1.60 to $2.00, quantity demanded will decrease from 600 to 400. The elasticity of demand for eggs (using the mid-point formula) is
A. . 0.8.
B. . 1.8.
C. . 11.26.
D. . 1.9.
20）A country should specialize in the production of those goods
A. . that have the highest price.
B. . that use the most labor.
C. . for which a country has an absolute advantage.
D. . for which a country has a comparative advantage.
19) A production possibilities frontier shows
A. . the prices at which alternative goods will be produced.
B. . the input combinations that allow a country to produce a given amount of output.
C. . the tax revenue a government receives at various tax rates.
D. . the various combinations of two goods a country can produce with its factors of production and the available production technology.
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