Suppose when the price of laptops fall, college students buy more laptops. This implies that
A) there is a positive relationship between laptop prices and quantities purchased by college students.
B) there is a negative relationship between laptop prices and quantities purchased by college students.
C) there is a direct relationship between laptop prices and quantities purchased by college students.
D) there is a one-to-one relationship between laptop prices and quantities purchased by college students.
Answer: B
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Positive economic profits in a perfectly competitive market imply that:
A) producers are earning more than their opportunity cost. B) existing firms are likely to leave the market. C) the cost of production is equalized across producers. D) government intervention is required to stabilize the market.
If a society chooses fiat money as its money form, it
a. must guarantee its convertibility into gold b. must worry about its liquidity c. cannot make use of a banking system d. must worry about controlling its quantity e. must worry about controlling its demand
Elephant populations have:
A. expanded everywhere because of state control of elephant populations. B. declined in countries where they are owned by local villages, and expanded where they are owned by the state. C. expanded in countries where they are owned by local villages, and declined where they are owned by the state. D. declined everywhere, regardless of whether property rights over elephants are recognized.
List four protectionist policies
What will be an ideal response?