Which of the following statements are true about an individual demand curve?
A. An individual demand curve is negatively sloped and shows the price of a good and the quantity that a single consumer is willing to sell during a particular time period.
B. An individual demand curve is positively sloped and shows the price of a good and the quantity that all consumers are willing to buy during a particular time period.
C. An individual demand curve is negatively sloped and shows the quantity of a good that a single consumer is willing to buy, and the amount of time to consume the good.
D. An individual demand curve is negatively sloped and shows the price of a good and the quantity that a single consumer is willing to buy during a particular time period.
Answer: D
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Researchers estimate QALYs in a number of different ways. One popular approach is called
a. the probability approach b. the QoL approach c. the standard gamble d. the standard measure of well-being e. the utility of life approach
Relative to barter, money does NOT
A. facilitate specialization and exchange. B. increase the frequency of transactions. C. reduce transaction costs. D. require a "double coincidence of wants."
A statement issued by the president’s economic advisors stating that growth can continue without price increases indicates that they believe the relevant aggregate supply curve is
A. vertical. B. horizontal. C. downward sloping. D. upward sloping.