If the price of a typical good falls, the quantity demanded for that good will
A. automatically increase to infinity.
B. remain the same.
C. decrease.
D. increase.
Answer: D
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Which of the following sayings describes the concept of diminishing marginal utility?
a. time is money b. penny wise and pound foolish c. absence makes the heart grow fonder d. a penny saved is a penny earned e. a fool and his money are soon parted
The U.S. price support program, which guaranteed prices for currently grown crops:
A. ended with the passage of the Freedom to Farm Act of 1996. B. began with the Grain Planting Act of 1914. C. remains the core of U.S. farm policy. D. was restored in full and expanded by the Food, Conservation, and Energy Act of 2008.
Refer to the information provided in Figure 32.3 below to answer the question(s) that follow.
Figure 32.3Refer to Figure 32.3. Suppose the economy is at Point A. According to the new classical theory, an anticipated increase in aggregate demand
A. leaves the economy at Point A. B. moves the economy to Point B. C. moves the economy to Point C. D. moves the economy to Point D.
The growth rate of total output equals
A. The growth rate of the labor force plus the growth rate of productivity. B. Gross investment minus depreciation. C. Real GDP per worker. D. Real GDP per capita growth rate.