As the price of an item goes up, the quantity demanded
A. rises.
B. falls.
C. remains the same.
B. falls.
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If real GDP is increasing at a 2 percent annual rate while the unemployment rate is 7 percent, the economy is
a. not achieving full economic potential b. experiencing an increase of 2 percent in real annual per capita GDP c. experiencing a slump d. experiencing high prices and low inflation e. producing along its production possibilities frontier
Which of the following accounts for the largest percentage of all federal expenditures?
A. income security such as Social Security B. national defense C. interest on the public debt D. veterans' services
A perfectly competitive firm faces a demand curve that is
A) horizontal. B) vertical. C) perpendicular to the quantity axis. D) perfectly inelastic.
European soccer doesn't have issues with a reserve clause because
A. soccer pays so little. B. soccer pays so much. C. soccer teams are owned by the players. D. there are leagues in other countries where players can always play.