By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good
A) quantity; price; quantity
B) price; quantity; quantity
C) price; quantity; price
D) quantity; price; price
Answer: C
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List three characteristics of demand curves. Make sure to explain the shape of the curve and the meaning of the vertical and horizontal intercepts
What will be an ideal response?
If net foreign investment is positive, which of the following must be true? (Assume that the capital account is zero and net transfers are zero.)
A) Net exports are negative. B) Capital outflows are less than capital inflows. C) Domestic investment must be less than national saving. D) None of the above are true when net foreign investment is positive.
A country that creates competitive advantage where there are not comparative advantages misallocates its resources and has lower national well being
Indicate whether the statement is true or false
According to the textbook application
a. drinking water aboard commercial aircraft is completely unregulated b. aircraft drinking water supplies are controlled jointly by the Food and Drug Administration (FDA) and the Federal Aviation Administration (FAA) c. random testing of aircraft drinking water in 2004 indicated that no harmful contaminants were present d. none of the above