Sometimes, we observe cases where the price of a product rose and the quantity bought by buyers also increased. Such cases occur due to a violation of the:
A. Law of Demand
B. Law of Supply
C. Allocative efficiency rule
D. Ceteris paribus assumption
Answer: D
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Greatland and Superland both produce 5 million watches in a year. The opportunity cost of producing one watch is 2 shirts in Greatland, and the opportunity cost of producing one watch is 3 shirts in Superland
Which of the following statements is true? A) Superland has a comparative advantage in producing watches. B) Superland has an absolute advantage in producing watches. C) Greatland has a comparative advantage in producing watches. D) Greatland has an absolute advantage in producing watches. Consider two economies, Beta and Zeta. Each farmer in Beta can grow 1,000 pounds of apples in a year or 500 pounds of oranges. Each farmer in Zeta can grow 400 pounds of apples or 1,200 pounds of oranges in a year.
Using the money demand and money supply model, an open market sale of Treasury securities by the Federal Reserve would cause the equilibrium interest rate to
A) not change. B) increase, then decrease. C) increase. D) decrease.
The average person spends _________ of waking hours in some form of communication
a. 10 b. 20 c. 70 d. 90
Centralizing decisions is efficient if people at lower levels of an organization have knowledge to which those at higher levels can add little
Indicate whether the statement is true or false