Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516If this demand schedule were graphed, we would find that
A. its slope diminishes as we move southeast down the curve.
B. its slope is constant throughout.
C. its slope diminishes as we move northwest up the curve.
D. the data are inconsistent with the law of demand.
Answer: B
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Capital, K, includes
A) money. B) machinery. C) business loans. D) know-how.
Which one of the following is an example of asymmetric information?
A. A supermarket repackages packages of stale meat and sells them. B. A homeowner knowingly sells a house that has hidden electrical problems. C. A company hires an employee who has an addiction to sleeping pills. D. All of these
Refer to the above figure. If the farmer has 50 acres of land, the farmer is producing at point a, and an acre of land yields 400 bushels of beans or 800 bushels of wheat, how much land is devoted to the production of wheat?
A. 10 acres B. 15 acres C. 12.5 acres D. 8.5 acres
In the year 1995, which of the following statements is true about the two countries represented in Figure 7.2?
A. The market basket cost approximately the same in both countries. B. The countries had approximately the same rate of inflation. C. The CPI was virtually equal in the two countries. D. Real incomes were rising at the same rate in both countries.