Refer to the graph below. Which curve shows a direct relationship between price and quantity?
A. A
B. B
C. C
D. D
Answer: A
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Most recently, the GATT agreement has replaced the WTO as the main institution promoting international trade
Indicate whether the statement is true or false
A production function measures the relation between
A. input prices and output prices. B. input prices and the quantity of output. C. the quantity of inputs and input prices. D. the quantity of inputs and the quantity of output. E. none of the above
The ________ decides monetary policy.
A. chairperson of the Federal Reserve Board B. President C. Congress D. Federal Open Market Committee
Refer to the following table to answer the question. Demand is inelastic between:PriceQuantity Demanded$6.0018$8.0014$10.0010$12.006$14.002
A. $8 and $10. B. $6 and $8. C. $10 and $12. D. $12 and $14.