Ceteris paribus, as the price of a good or service increases
A. people will buy more of it.
B. people will want less of it.
C. people will want more of it.
D. people will buy less of it.
Answer: D
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Use the following table to answer the question below. Jane's Production Possibilities SchedulePounds of Green BeansPounds of Corn08020604040602080 0Jane's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 2 B. 4 C. 1/2 D. 1
Collective consumption goods are _____
a. goods that can be consumed by additional consumers without reducing the amount available to existing consumers b. goods that can be produced for everyone at zero marginal cost c. goods that are produced and consumed by an entire group, such as a commune that raises its own vegetables d. goods that once produced, can be consumed by additional consumers without reducing the amount available to existing consumers
Which of the following is true with regard to economic growth? a. Small differences in economic growth rates make small differences in Real GDP over time
b. Once a country is richer than other countries, it will remain richer regardless of differences in economic growth rates. c. Economic growth rates tell us nothing about the distribution of output and income in a country. d. All of the above are true.
Which of the following conditions does not need to be satisfied in order to practice price discrimination?
a. a perfectly elastic demand curve b. a negatively-sloped demand curve for the firm's output c. the ability to identify customers who are willing to pay more for the good d. the ability to identify customers who are not willing to pay more e. the ability to prevent resale of the good