A Likely Example of Substitute Goods for Most People Would

question 49

Multiple Choice

A likely example of substitute goods for most people would be

• A)peanut butter and jelly.
• B)tennis balls and tennis rackets.
• C)televisions and subscriptions to cable television services.
• D)pencils and pens.

---

Definitions:

Accounting Identity

A fundamental equation that must always hold true, often without regard to time or specific instances, in accounting and economics.

Government Purchases

Expenditures by the government sector for goods and services that are consumed within the current period.

Closed Economy

An economic system that does not interact with other economies in terms of international trade or financial transactions.

Public Saving

The difference between tax revenues and government expenditures, typically representing the amount of surplus funds the government has.