The demand for a product is the amount that
a. buyers purchase in the market
b. buyers are willing to purchase at a given price
c. sellers are willing to sell at a particular price
d. buyers are willing and able to purchase at alternative prices
e. buyers are able to purchase at a specific price
D
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According to James and Skinner, in 19th century American manufacturing, ____________ was scarce, but __________________ was even scarcer
a. unskilled labor; capital b. capital; skilled labor c. unskilled labor; fuel sources d. capital; raw materials
An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____
a. one percent; quantity supplied; two units b. one unit; quantity supplied; two units c. one percent; quantity demanded; two percent d. one unit; quantity demanded; two units e. ten percent; quantity supplied; two percent
Which of the following is a necessary condition for price discrimination?
a. The seller must be able to divide the markets according to the different price elasticities of demand. b. It must be difficult for one buyer to resell to another buyer. c. Both a and b. d. Neither a nor b.
The Federal Reserve:
A. is fairly independent of the rest of government. B. works closely with the Treasury department. C. is easily swayed by political pressure. D. has become an ineffective policy-making body in the last decade.