Refer to the figure above. Which demand curve above is relatively more elastic between P1 and P2?
A. D1
B. D2
C. D3
D. D4
Answer: A
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In 2008, the financial and housing crisis caused firms to decrease their profit expectations. As a result, there was a ________ in the ________ for loanable funds curve
A) leftward shift; demand B) movement upward along; demand C) leftward shift; supply D) movement downward along; supply
An economy is associated with every society because
a. in every society there are workers and owners of firms b. all people enjoy consuming goods c. the law of scarcity is universal d. the circular flow model applies to all societies e. economy and society are synonymous
When an inverse relationship is graphed, the resulting line or curve is:
a. upward-sloping. b. horizontal. c. downward-sloping. d. vertical.
Which of the following is a gain from trade?
A. A higher price level for all trading countries. B. A shorter workweek for all trading countries. C. A level of self-sufficiency for all trading countries. D. A higher standard of living for all trading countries.