The law of demand refers to the:
A. inverse relationship between the price of a good and the quantity of a good that people will buy.
B. price increase that results from an increase in demand for a good of limited supply.
C. inverse relationship between the price of a good and the quantity offered for sale.
D. increase in the quantity of a good available when its price increases.
Answer: A
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Suppose market demand facing a monopolist is given by 
. Then the monopolist's marginal revenue curve (in the absence of price discrimination) is
A.
B.
C.
D.
E.
F.
The idea behind reciprocity between two trading countries is that they
a. share the gains from trade equally b. eliminate quotas against each other c. eliminate tariffs against each other d. use the same set of trading practices with respect to each other e. agree to retaliate against other trading countries
In competitive markets,
a. firms produce identical products. b. no individual buyer can influence the market price. c. no individual seller can influence the market price. d. All of the above are correct.
Which of the following is a macroeconomic measurement used to gauge macroeconomic activity?
A) Net domestic product B) National income C) Personal income D) Disposable income E) all of the above