Which of the following statements is true?
A) To an economist, demand is different from quantity demanded.
B) A demand schedule is the numerical tabulation of the law of demand.
C) A demand curve is the graphical representation of the direct relationship between price and quantity demanded.
D) a and b
E) a, b, and c
D
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The _________ hypothesis is based on the assumption that the best indicator of the future is what has happened in the past.
Fill in the blank(s) with the appropriate word(s).
Charlie is getting a divorce. He selects a female lawyer at a large law firm because he believes they are more aggressive in obtaining favorable settlements in divorce cases. Charlie's behavior is an example of ________ discrimination.
A. employee B. market C. employer D. customer
The gold standard
A. worked well until World War II. B. will not work well when the world's gold supply increases as fast as the world's need for money. C. fell apart as the Great Depression spread, as nation after nation devalued its currency. D. makes monetary policy more effective.
The own-price elasticity of demand for oranges at the farm level is -0.3. Suppose that an unexpected freeze occurs resulting in a 6% drop in orange production. Orange prices will
A) Rise by 6%. B) Rise by 20%. C) Fall by 20%. D) Can't tell; insufficient information