The price of Y is $10.According to the above figure, which of the following are points on the consumer's demand curve for X?
A. $2, 300 units
B. $5, 120 units
C. $3, 120 units
D. both a and b
E. both c and d
Answer: C
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The political functions of government differ from the economic functions of government in that
A) the political functions relate to income distribution while the economic functions relate to the way exchange is carried out. B) the political functions are performed at the federal government while the economic functions are at the state and local government levels. C) the political functions involve elections and the court systems while the economic functions involve taxation and transfers. D) the President deals with the economic functions while Congress deals with the political functions.
Which of the following is true for a constant cost industry?
a. The total cost of producing 500 units will be the same as the total cost of producing 250 units. b. If 100 units can be produced for $500, then 200 units can be produced for $1,000. c. The demand curve and, therefore, the unit price in the industry are constant. d. Firms in the industry will hold output constant if the price of the product increases.
The price of imported oil decreased in 2001. How did this affect the aggregate supply curve?
A. The aggregate supply curve became steeper. B. The aggregate supply curve became flatter. C. The aggregate supply curve shifted inward. D. The aggregate supply curve shifted outward.
Normative economic analysis involves
A. value judgments. B. positive analysis. C. if-then statements. D. objective descriptions of the way things are.