The demand schedule for a good shows
a. the specific quantity of the good that people are willing and able to sell at different prices
b. the positive relationship between the price and the quantity of the good
c. no relationship between the price and the quantity of the good
d. the specific quantity of the good that people are willing and able to buy at different prices
e. the quantity of the good that is sold in the market
D
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Answer the following statement(s) true (T) or false (F)
1. An indifference curve is a construct used by economists to show how tastes for an individual change. 2. There are an infinite number of choices faced by a consumer that are shown along an indifference curve. 3. Indifference curves fill the fourth quadrant of the plane. 4. If the marginal value of beef is $8 per pound, then the consumer is willing to pay at most $8 for an additional pound of beef. 5. The marginal value of a good is the dollar value that the consumer receives, on average, from each unit of the good purchased.
Assume that the Danish krone [DKK] price of one British pound is DKK 10.5 . If it costs 45 pounds per day to rent a car in London and DKK 480.5 to do so in Copenhagen, which of the following is true?
a. The cost of renting a car is the same in both cities. b. The cost of renting a car is DKK 8 less in London. c. The cost of renting a car is DKK 45.76 less in London. d. The cost of renting a car is DKK 10.67 more in Copenhagen. e. The cost of renting a car is DKK 4.28 less in London.
In a majority-rules democracy, economic thinking suggests that we should expect to see institutions and policies that
a. are short-sighted. b. take the long view, sacrificing current benefits to get larger future benefits. c. benefit the common citizen at the expense of narrow special interest groups which, after all, have fewer voters. d. are biased against income transfer programs, regardless of constitutional limits.
Exports minus imports equals net exports.
a. true b. false