For almost all goods, the:
A. lower the price goes, the more luxurious it is.
B. higher the price goes, the higher the quantity supplied.
C. higher the price goes, the more luxurious it is.
D. lower the price goes, the higher the quantity supplied.
Answer: B
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Product differentiation exists within an industry if
A) there are no substitutes for a product. B) there are close but not perfect substitutes for a product. C) the firm can sell all it wants at the chosen price. D) there is a monopoly.
If all of our GDP were distributed equally across the United States, each individual would receive:
A.) Their current income divided by the U.S. population. B.) The market value of final goods and services produced in the U.S. per year. C.) The value of total world output divided by the population. D.) The market value of final goods and services produced in the U.S. per year divided by the population.
If a new major oil field is discovered in Africa, the world __________ curve for oil would shift to the __________.
A. demand; right B. supply; left C. supply; right D. demand; left
The time required to collect information about the current state of the economy is known as
A. the effect lag. B. the recognition lag. C. the action lag. D. the fiscal lag.