A negative relationship between the quantity demanded and price is called the law of ______.
A) demand
B) diminishing marginal returns
C) market clearing
D) supply
Ans: A) demand
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The congestion tax implemented in London reduced traffic volume and cut travel time for cars and buses in half
Indicate whether the statement is true or false
Which of the following would NOT shift an industry's supply of labor curve?
A) The wage rate in the particular industry falls. B) Wage rates in industries using similar labor rise. C) Working conditions within the industry become less desirable. D) Wage rates in other industries fall.
For both Keynesians and monetarists to predict accurately the effects of a change in the money supply on the price level, they need to add ____ to their analysis
a. aggregate demand b. nominal GDP c. real GDP d. aggregate supply e. government spending
If a boxing fight is shown on pay-per-view television every Saturday at 4pm, the demand curve for each fight is given below.
If the regulated pay-per-view charge to watch a fight were $5 per household, then what would be the loss in total economic surplus relative to when the there is no charge to watch the fight?
A. $225 million B. $625 million C. $50 million D. $25 million