Examlex
Jim has an old (working) television that he would like to get rid of now that he has purchased a new high-definition, flat-screen television. The old television is no longer worth anything to him now that he has his new flat-screen TV. Veronica on the other hand has an even older television that has just broken down. She would pay up to $50 for any working TV. If Jim trades Veronica his old television for $50, both are better off but total value in society does not increase.
Electric Automobile
A vehicle that is powered entirely or partially by electricity, offering an alternative to traditional fossil fuel-powered cars.
Complementary Goods
Products that are used together, where the consumption of one enhances the value or demand of the other.
Inferior Goods
Products whose demand decreases as the income of the consumer increases, contrasting with normal goods.
Substitute Goods
Products or services that can be used in place of one another, satisfying similar needs or desires.
Q37: (Figure: PPF Nickel & Textiles) Refer to
Q79: Advertising is an efficient solution to the
Q82: In the long run, individual transferable quotas
Q92: According to the theory of comparative advantage,
Q104: The American Medical Association:<br>A) increases the supply
Q106: Which of the following is TRUE about
Q117: The introduction of risk into a job
Q146: It is possible for an individual to
Q241: _ argues that _.<br>A) Amartya Sen; famines
Q305: As countries become wealthier:<br>A) they tend to