For products with close substitutes, the demand curve slopes down.
Answer the following statement true (T) or false (F)
True
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Which of the following are most likely to become an endangered species?
A) animals in the wild B) domesticated animals C) animals that people like to keep at home as pets D) animals that people have property rights to own
Under democratic representative government, spending on a government program will likely be larger than the amount consistent with economic efficiency when
a. tax costs are levied in direct proportion with the benefits received. b. both the costs and benefits are widespread among the voters. c. benefits of the program are highly concentrated, while the costs are widely dispersed among voters. d. costs of the program are highly concentrated, while the benefits are widely dispersed among voters.
Involuntary part-time workers are:
A. chronically unemployed. B. not counted as unemployed. C. short-term unemployed workers. D. considered out of the labor force.
Figure 3.3 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, there is an:
A. excess demand of 8 t-shirts. B. excess supply of 8 t-shirts. C. excess demand of 10 t-shirts. D. excess supply of 10 t-shirts.