A decrease in the price of a good will cause a movement along the demand schedule to a higher quantity demanded.
Answer the following statement true (T) or false (F)
True
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Most economists agree that valid reasons for protecting trade include which of the following? I. The economies of scale argument II. The saving jobs argument III. The protection of high wages argument
A) I only B) I and II C) I and III D) None of the reasons are valid.
Which of the following statements regarding the use of gold as money is false?
A) It is durable. B) It is acceptable to most people. C) It is valuable relative to its weight. D) It has standardized quality.
A reduction the amount of oil (a resource) will tend to cause which of the following?
A) a reduction in output and a reduction in the price level B) a reduction in output with no change in the price level C) a reduction in output and an increase in the price level D) an increase in the price level and no change in output if accompanied by an increase in the money supply
The concept of economic rent can be applied to
A) land only. B) land and natural resources only. C) land, natural resources, and paintings by dead masters only. D) any resource that cannot be replicated exactly.