According to the law of supply,
a. producers are willing to supply larger amounts of a good as its price increases.
b. a direct relationship exists between the price of a good and the amount buyers choose to buy.
c. an inverse relationship exists between the price of a good and the amount buyers wish to buy.
d. an inverse relationship exists between the price of a good and the amount producers supply.
A
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Suppose we are plotting the relationship between the unemployment rate and the growth rate of real GDP
If the unemployment rate is measured along the vertical axis and the growth rate of real GDP is measured along the horizontal axis, we will get a(n) ________. A) downward sloping curve B) horizontal straight line C) vertical straight line D) upward sloping curve
Economic growth occurs because
A) labor forces grow. B) capital stocks grow. C) new inventions raise productivity. D) All of the above.
Each of the following except _____ takes a liberal position with respect to poverty.
A. Charles Murray B. Barbara Ehrenreich C. Lisabeth and Daniel Schorr D. Frances Fox Piven
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, if Jerry was efficient with his resources, he could have produced:
A. 6 dishes and 2 fences. B. 10 dishes and 2 fences. C. 8 dishes and 2 fences. D. 12 dishes and 0 fences.