Refer to Figure 3.2, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $30?
A. 200
B. 250
C. 300
D. 350
Answer: B
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In the supply curve, the relationship between price and quantity supplied is
a. inverse. b direct. c. nonexistent. d. not determined.
Suppose that in a Borda count election, outcome X is preferred to outcome Y, and outcome Y is preferred to outcome Z, when outcomes X, Y, and Z are all available options. When Y is removed as an option, however, outcome Z is preferred to outcome X. This would violate Arrow's assumption that voting systems should satisfy
a. unanimity. b. transitivity. c. the independence of irrelevant alternatives. d. no dictators.
When a country imposes an import quota, its
a. net exports rise and its real exchange rate appreciates. b. net exports rise and its real exchange rate depreciates. c. net exports fall and its real exchange rate depreciates d. None of the above is correct.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.