The law of demand states that there is a negative relationship between price and quantity demanded, ceteris paribus.
Answer the following statement true (T) or false (F)
True
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Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and costs $1.00. How should Pat get to work?
A. Pat should take the bus because it costs $0.50 less than driving. B. Pat should take the bus if saving half an hour is worth $0.50 or more. C. Pat should drive because it saves half an hour relative to taking the bus. D. Pat should drive if saving half an hour is worth $0.50 or more.
Liquidity preference refers to the theory of
A) money demand. B) consumption. C) investment. D) expectations.
Using the above figure, which of the lines in the above diagram represents a regressive tax?
A. A B. B C. C D. none of them
The population of a small town is 5,000. There are 4,000 people in the labor force, and 3,500 people are employed. The unemployment rate equals
A. 5 percent. B. 10 percent. C. 12.5 percent. D. 35 percent