"Demand" is best defined as the relationship between:
A) the price of a good and the quantity consumers are willing and able to buy at each price level.
B) the current price of a good and the quantity demanded at that price.
C) the quantity supplied and the price people are willing to pay for a good.
D) the amount of income someone has and the price he is willing to pay for a good.
A
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The best way to describe the international position of the U.S. dollar during the 1980's is
a. floating downward most of the time. b. floating downward at first, and then rising sharply. c. stable throughout the decade. d. rising sharply during the first half of the decade, and then falling.
When marginal cost is rising, what must happen to average variable cost?
a. It must be falling. b. It must be rising. c. It could be rising or falling. d. It must be constant.
Over the most recent movement from cyclical trough to peak, 1991:Q1 to 2001:Q1, gross private domestic investment ________ approximately ________ percent
A) rose, 49 B) rose, 73 C) rose, 6 D) fell, 68 E) fell, 20
When a consumer maximizes utility subject to a limited income, she allocates income across goods to the point that: a. the marginal price is the same for all goods
b. marginal utility is zero. c. marginal utility is negative. d. the marginal utility per dollar spent is the same for all goods.