In economic theory, the word "demand" refers to
a. the amount people are willing to purchase at various prices.
b. those wants or needs that are urgent or pressing.
c. wants that are economic in character rather than social, cultural, or spiritual.
d. the desire of persons for a good, regardless of whether they're willing to purchase the good.
A
You might also like to view...
Suppose for every dollar change in household wealth, consumption expenditures change by $0.05
If real household wealth declines by $45 billion, potential GDP is $120 billion, and the multiplier effect for the second year after an expenditure shock is 1.1, what is the total change in output relative to potential for the second year? A) -1.28% B) -1.73% C) -2.06% D) -5.78%
Before their merger, XM and Sirius were competing sellers in the U.S. satellite radio market. The U.S. Department of Justice allowed the merger even though it created a single seller in the market
Why might we expect this merger to have limited impact on U.S. consumers? A) There are many close substitutes for satellite radio service (e.g., free AM-FM radio, internet radio) B) The merged firm is likely to act on behalf of its customers and keep its prices and profits low C) U.S. consumers are known to have perfectly inelastic demand for satellite radio (i.e., they are unresponsive to price changes) D) all of the above are correct
Because of the accounting techniques used, the balance of payments shows that debits equal credits only if exports equal imports
a. True b. False
Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 50 cookies together. What is the marginal product of the 3rd worker?
A. 20 cookies B. 35 cookies C. 50 cookies D. 15 cookies