If we use the numbers in the above table to draw a graph, with the price on the vertical axis and the quantity on the horizontal axis, the line relating price and quantity has a slope of
A) 0.8.
B) -8.0.
C) -1.25.
D) 8.0.
C
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Refer to Figure 11.5. A decrease in the level of investment is best illustrated by diagram
A) A. B) B. C) C. D) D.
In economics, scarcity means that
a. there are not enough resources for everything that people want. b. we can never feed every person in the country. c. the price of goods has increased more rapidly than the general price level. d. there is not enough of a particular good for everyone to buy all they want at the prevailing price.
What is meant by the term "incentives," and why are they important?
What will be an ideal response?
The level of household debt incurred over the two decades leading up to the 2008 crisis was only sustainable if interest rates:
A. and housing prices both remained high. B. remained low and housing prices remained high. C. remained high and housing prices remained low. D. and housing prices both remained low.