In economics, "demand" refers to
A) what people need instead of want without paying for it.
B) the minimum amount of a good people need to survive.
C) the satisfaction a good will provide a person.
D) how much of a good people will buy at any price during a given time period.
Answer: D
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Moving along the AS curve, when the price level increases, the
A) nominal wage rate falls, and there is an increase in the quantity of real GDP supplied. B) real wage rate rises, and there is an increase in the quantity of real GDP supplied. C) nominal wage rate rises, and there is a decrease in the quantity of real GDP supplied. D) real wage rate falls, and there is an increase in the quantity of real GDP supplied. E) real wage rate rises, and there is a decrease in the quantity of real GDP supplied.
Why do the owners of good-quality used cars stay away from the market for used cars?
What will be an ideal response?
Economies with poorly defined property rights are often inefficient because
a. individuals spend time trying to protect their resources b. there are no voluntary exchanges c. all exchanges are voluntary d. there are no side payments e. of the absence of free riders
In what ways is GDP a misleading measure of economic performance? Consider what components are not included on GDP.
What will be an ideal response?