For almost all goods, the:
A. lower the price goes, the higher the quantity demanded.
B. higher the price goes, the more luxurious it is.
C. lower the price goes, the higher demand is.
D. higher the price goes, the higher the quantity demanded.
A. lower the price goes, the higher the quantity demanded.
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The United States imports t-shirts because
A) it is a dangerous job to produce them. B) the United States has a lower opportunity cost of production. C) the United States must import goods and services from other countries so that they can develop economically. D) foreign economies have an absolute advantage in their production. E) foreign nations have a lower opportunity cost of production.
"More people purchase chap stick when the weather man announces that we are in for a very windy week." This statement implies that:
A. buying Chap Stick causes it to be windy. B. people plan on kissing more on windy days. C. buying Chap Stick is positively correlated with the announcement of a windy week. D. the weather man is getting a kickback from the makers of Chap Stick.
To say people respond to incentives means that people may alter their decisions when the costs and benefits of an action change
a. True b. False Indicate whether the statement is true or false
Based on the multiplier effect, what does each successive round of purchasing do?
a. decrease aggregate demand and supplier income b. increase aggregate demand and supplier income c. decrease aggregate demand, and increase supplier income d. increase aggregate demand, and decrease supplier income