A supply curve:
A. has a negative slope.
B. is based on the assumption of a stable demand curve.
C. illustrates the negative relationship between price and quantity supplied.
D. illustrates the positive relationship between price and quantity supplied.
Answer: D
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As more and more firms have acquired fax machines, the fax machine has become a standard means of business communication. The increase in demand for fax machines for business communication:
A) is an example of the snob effect. B) proves that the fax machine is an inferior good. C) proves that the fax machine is a luxury good. D) is an example of a positive network externality. E) is an example of a negative network externality.
A fallacy of composition is to assume that
a. you can determine the composition of a complex product just by examining its exterior properties b. consumer durable goods today do not last as long as they did a generation ago c. any mistakes made in producing a product using an assembly line technique will lead to a compounding of errors as the product moves down the line d. what is true for any individual component in a group is true for the group as a whole e. when I was young I liked cotton candy, but now that I'm older I no longer like it
Which of the following is true with regard to the use of countercyclical fiscal policy as a stabilization tool?
What will be an ideal response?
Increases in capital stock are due to
A. increasing productivity. B. labor saving technology. C. investment. D. depreciation.