A demand schedule provides
A. the amount of a good a person wants to sell during a given time period.
B. the alternative quantities demanded for a given time period at different possible prices.
C. the quantities of a good people are willing to sell every year.
D. the amount of a good a person wants at different times of the day.
Answer: B
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A decrease in the price of a good that is measured on the horizontal axis will cause the budget constraint to rotate outward (with a new larger intercept on the horizontal axis)
Indicate whether the statement is true or false
Which of the following is an example of barter?
a. A parent gives a teenager a $10 bill in exchange for her babysitting services. b. A homeowner gives an exterminator a check for $50 in exchange for extermination services. c. A barber gives a plumber a haircut in exchange for the plumber fixing the barber's leaky faucet. d. All of the above are examples of barter.
If the Fed wants to reverse the effects of a favorable supply shock on unemployment, it should
a. increase the money supply growth rate which raises the inflation rate. b. increase the money supply growth rate which reduces the inflation rate. c. decrease the money supply growth rate which raises the inflation rate. d. decrease the money supply growth rate which reduces the inflation rate.
The model of monopolistic competition assumes that
a. there are only a few sellers b. there are significant barriers to exit c. each firm charges the same price for its output d. the buyers are price setters e. firms are strategically independent