The law of demand is illustrated by a demand curve that is:
A. horizontal.
B. downward-sloping.
C. vertical.
D. upward-sloping.
Answer: B
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If the institutions in an economy change from being extractive to inclusive, then in the economy:
A) geographical conditions will improve. B) returns to education will decrease. C) returns to entrepreneurship will increase. D) geographical conditions will deteriorate.
Suppose a firm is a natural monopoly. Then, until the long-run average cost curve crosses the demand curve, as the quantity increases the long-run average costs
A) increase. B) decrease. C) decrease and then increase. D) increase and then decrease.
The international trade effect states that a(n) ________ in the price level will ________ net exports
A) increase; increase B) decrease; decrease C) increase; decrease D) decrease; not affect
The market labor supply curve is usually __________ over the relevant range of market wage rates
a. positively sloped b. negatively sloped c. backward bending d. vertical e. horizontal