Which of the following is true?
A) Buyers always prefer lower prices to higher prices.
B) Buyers never prefer lower prices to higher prices.
C) Buyers rarely prefer lower prices to higher prices.
D) Buyers prefer lower prices to higher prices, ceteris paribus.
D
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At Joey's Lawncutting Service, a lawn mower cannot cut grass without a laborer. A laborer cannot cut grass without a lawn mower
Which graph in the above figure best represents the isoquants for Joey's Lawncutting Service when capital per day is on the vertical axis and labor per day is on the horizontal axis? A) Graph A B) Graph B C) Graph C D) Graph D
The small country assumption is made in developing models of international trade because it applies to US markets
a. True b. False Indicate whether the statement is true or false
In the analysis of potential GDP, labor and capital are considered
A. inputs. B. final goods and services. C. byproducts of economic growth. D. outputs.
If getting people off welfare could be described as a carrot-and-stick approach, it would be fair to say that
A. liberals and conservatives both favor the stick. B. liberals and conservatives both favor the carrot. C. liberals favor the carrot and conservatives favor the stick. D. liberals favor the stick and conservatives favor the carrot.