The curve that shows the relationship between the price of a good and the quantity that consumers are willing to purchase at each price is the
a. supply curve.
b. demand curve.
c. production possibilities curve.
d. consumption curve.
b. demand curve.
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The GDP price index is different from other price indexes because ________.
A. it includes transactions from both the formal economy and the underground economy B. it is based on a fixed market basket of goods C. it is the broadest measure of prices in the economy D. it includes both foreign produced goods and domestically produced goods
Which of the following statements is true?
A) Defending an overvalued currency is easier than defending an undervalued currency. B) Defending an undervalued currency is easier in the short run than in the long run. C) The nominal exchange rate is the ratio of the same basket of goods in two countries. D) The real exchange rate is calculated by dividing the nominal exchange rate by the inflation rate.
An individual will never buy complete insurance if
a. he or she is risk averse. b. he or she is a risk taker. c. insurance premiums are fair. d. under any circumstances.
In the United States, approximately what percentage of the total income is earned by the highest 5 percent of the families?
a. 10 percent. b. 20 percent. c. 30 percent. d. 40 percent.