If oranges were found to cure cancer,
A) the equilibrium price of apples would likely fall.
B) the equilibrium price of oranges would likely increase in the near term.
C) the equilibrium quantity of oranges would likely increase.
D) All of the above.
D
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A firm's demand for labor is downward sloping because of
A) diminishing marginal productivity of labor. B) diminishing marginal utility. C) price pressure. D) workers' increased willingness to work at a higher wage.
Keynesian fiscal policy intended to pull an economy out of a recession might include cutting
People benefit by participating in the market because
A. Market participation allows individuals to specialize and, with trade, ultimately consume more. B. Resources are no longer limited. C. Participants in the market do not have to make choices. D. There are always participants in the market that are more efficient than you are in production.
When a government partially defaults its debt, a "haircut" of 20% means that
A) creditors receive 20% of what they owed. B) creditors receive 80% of what they owed. C) creditors receive 40% of what they owed. D) creditors receive 10% of what they owed.