The line that relates the price of a good and the quantity supplied of that good is called the supply
a. schedule, and it usually slopes upward.
b. schedule, and it usually slopes downward.
c. curve, and it usually slopes upward.
d. curve, and it usually slopes downward.
c
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Suppose the law of diminishing marginal utility holds for coffee. As a person drinks more coffee during the day, the total utility he or she receives will:
a. increase faster and faster. b. fall steadily. c. remain constant. d. rise, but at slower and slower rates.
Which of the following is true about income inequality?
A. Inequality tends to be greatest in the poorest countries. B. Inequality tends to diminish as the population increases. C. Inequality is not an issue for developed countries. D. Inequality tends to get worse as a country develops.
The effect of automatic stabilizers on the business cycle is to _____
Fill in the blank(s) with the appropriate word(s).
Which of the following is not an example of research and development?
A. Government funding of new public transportation technologies B. General Motors funding a study of new internal combustion technology C. Government funding to elementary and middle schools D. Government funding to a biochemistry professor for the study of new pharmaceutical therapies