The demand curve shows the relationship between:
A. Money income and quantity demanded
B. Price and production costs
C. Price and quantity demanded
D. Consumer tastes and the quantity demanded
Answer: C. Price and quantity demanded
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The leadership of unions must recognize that they face
A) an economic system that is hostile to the interests of workers. B) a no-win situation whenever they think a strike is necessary. C) a fundamental trade-off between higher wages for members and higher taxes for members. D) a fundamental trade-off between higher wages for members and fewer jobs for members.
In a coin toss bet, where both heads and tails are equally likely, you win a $2 on heads but lose $1 on tails. The expected value of the bet is
a. $0.50 b. -$0.50 c. $1.00 d. $0.00
What can we do to deal with the externalities associated with public goods and common resources?
a) Private markets will lead to an efficient allocation of resources. b) Government intervention can potentially raise economic well-being. c) Private markets will correct for the gain or loss to consumer surplus. d) Government intervention can completely eliminate the free-rider problem.
The short-run Phillips curve is the relation between inflation and unemployment that holds for a given natural rate of unemployment and a
A. given level of unemployment. B. given expected rate of inflation. C. given rate of inflation. D. given expected level of unemployment.