The proliferation of the horse in the 17th century caused Great Plains Indians to:
a. increase their reliance on agricultural work.
b. engage in less tribal warfare.
c. use smaller and more independent hunting groups.
d. kill fewer bison, but make more intensive use of the meat on the carcass.
c. use smaller and more independent hunting groups.
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The law of diminishing marginal utility is the principle that the marginal utility curve ____ as people consume more of a product in a given period
a. rises. b. falls. c. remains unchanged. d. first falls and then rises.
The supply-side effect of higher tax rates would include a fall in the economy's potential GDP
a. True b. False Indicate whether the statement is true or false
We would expect the cross elasticity of demand for Pepsi to be greater in relation to other soft drinks than that for soft drinks in general because:
A. soft drinks are normal goods. B. the income effect always exceeds the substitution effect. C. there are fewer good substitutes for soft drinks as a whole than for Pepsi specifically. D. there are more good substitutes for soft drinks as a whole than for Pepsi specifically.
Why does equilibrium in the market for a traded good not occur where that country’s quantity demanded equals quantity supplied?
A. Because equilibrium occurs where demand equals supply. B. Because markets are never in equilibrium. C. Because some of the good is imported or exported. D. Because there are several demand curves, and the market can’t choose between them. E. All of the above are correct.