Which of the following is a determinant of market demand?
A. consumers' expectation of the future relative price of a product
B. number of firms that produce the product
C. taxes imposed on firms that sell the product
D. cost of inputs used to produce the product
Answer: A
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In the diagram above, which figure(s) show(s) a direct relationship between the variables?
A) both A and C B) only D C) only A D) both B and C E) only B
The main source of economies of scale is
A) better management. B) constant returns to plant size. C) specialization. D) long-run cost curves eventually sloping downward. E) increases in the labor force not matched by increases in the plant size.
Aggregate income equals: a. the sum of income earned by all laborers in the world economy
b. the sum of income earned by all workers in the private sector. c. the sum of the income earned by all the resource suppliers in an economy. d. the total income of all employees after payment of income tax. e. the total income of all employees after purchases of necessities.
William Julius Wilson believes that the rise of black urban poverty was caused by each of the following except
A. the rise of welfare dependency. B. racism. C. the decline of smokestack industries. D. the exodus from the ghettos of the black middle and working classes.