If Air Travel and Bus Travel Are Substitutes

question 76

Multiple Choice

If air travel and bus travel are substitutes,

• A) an increase in the price of bus travel will decrease the demand for air travel.
• B) a decrease in the price of bus travel will decrease the demand for air travel.
• C) an increase in the price of bus travel will generally have no effect on the demand for air travel.
• D) an increase in the price of bus travel will shift the demand curve for air travel to the left.

Know the primary sources of information for client assessments.

Understand the emphasis on strengths and empowerment in assessments.

Differentiate between assessments, diagnoses, and other related terms.

Grasp the concept of reciprocal interactions and their significance in social work assessments.

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Definitions:

Foreign Purchases Effect

The decrease in domestic demand for goods and services as a result of consumers buying goods from foreign markets, usually due to price or currency exchange advantages.

Interest Rate Effect

The interest rate effect describes how changes in the central bank's interest rate influence the economy by affecting consumer spending and investment.

Entropy Effect

In thermodynamics, it refers to the measure of disorder or randomness in a system; metaphorically used in various fields to describe chaos or decline.

Classical Economists

Economists from the 18th and 19th centuries who believed in free markets, limited government intervention, and self-regulating economies.