A demand curve represents a(n)
A) direct relationship between price and quantity demanded.
B) direct relationship between price and demand.
C) indirect or inverse relationship between price and quantity demanded.
D) indirect or inverse relationship between price and supply.
Answer: C
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Suppose the nominal interest rate is 15% and the rate of inflation is 3%. The real interest rate is therefore
A) 3%. B) 5%. C) 12%. D) 18%.
In the economic way of thinking, we assume that central bankers act
A) selfishly. B) to promote projects which interest them. C) in the national interest. D) in the global interest.
Given the information in the table above, if wages were to double in Home, then Home should
A) export cloth. B) export widgets. C) export both and import nothing. D) export and import nothing. E) export widgets and import cloth.
If Germany can make compact cars more efficiently than Russia, it enjoys
A. a comparative advantage. B. an absolute advantage. C. no advantage.