The law of demand asserts that:
a. output prices are more important than input prices
b. when people want a good badly enough they will find a way to pay for it.
c. people want to buy more of goods that are priced very high because of their prestige.
d. the quantity of a good that people will buy is inversely related to the product's price.
d
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At a corner solution, which of the following is know to be true?
a. The slope of the indifference curve equals the slope of the budget line. b. The slope of the indifference curve is greater than the slope of the budget line. c. The slope of the indifference curve is less than the slope of the budget line. d. The slope of the indifference curve does not equal the slope of the budget line.
A common resource is nonrival but excludable
Indicate whether the statement is true or false
According to the principle of subsidiarity, in which of the following areas should the authority for making decisions be taken from national governments and given to the EU?
A) Pollution of a trans-national waterway B) Limits on the hours retails stores are allowed to be open C) Highway traffic laws D) Recycling requirements on packaging
If real GDP falls from one period to another, we can conclude that:
A. deflation occurred. B. inflation occurred. C. nominal GDP fell. D. None of these necessarily occurred.