ANSWER ONLY - No further explanation is needed for all questions

if the Apple iPhone and the Samsung Galaxy are considered substitutes, then, other things being equal, an increase in the price of the iPhone will

Select one:

a.none of the answers is correct

b.increase the quantity demanded of the iPhone.

c.decrease the quantity demanded of both, iPhone and Galaxy.

d.leave the demand for Galaxy unchanged

If the cross-price elasticity of demand for computers and software is negative, this means the two goods are _______.

Select one:

a.substitutes

b.complements

c.inferior

d.normal

Suppose that one can raise either cattle or sheep on their land. Which of the following would cause the supply of sheep to shift to the right?

Select one:

a.An increase in the price of sheep.

b.A decrease in the price of cattle.

c.An increase in the demand for cattle.

d.An increase in the price of sheep feed.

What type of good is characterised by non-rivalry and non-excludability in consumption?

Select one:

a.None of the answers is correct

b.Common resource

c.Private good

d.Quasi-public good

Choices must be made because we live in a

Select one:

a.market economy

b.world of uncertainty

c.mixed economy

d.world of scarcity