Which factor would cause a movement along the demand curve for pizza?
A) an increase in the number of students in town
B) a renewed preference for Italian food
C) a drop in the price of pizza
D) an increase in average income
C
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In the figure above, at which point (a, b, or c) along the linear demand curve illustrated would demand be
a) most elastic? b) most inelastic?
Monopolization of either the labor market or the output market results in
A) higher wages than when both are competitive. B) a higher output price than when both are competitive. C) a higher level of output than when both are competitive. D) All of the above.
Total government spending in the U.S. economy was around _____ of the GDP in the financial year 2010
a. 5 percent b. 36 percent c. 25 percent d. 44 percent e. 16 percent
In a market economy, _____ own(s) all the basic resources or factors of production
a. households b. the federal government c. the Federal Reserve bank d. the local government e. business firms