This curve is downward sloping because there is ______
a. a neutral relationship between the price and quantity demanded
b. a complementary relationship between price and quantity demanded
c. a positive relationship between price and quantity demanded
d. a negative relationship between price and quantity demanded
d. a negative relationship between price and quantity demanded
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The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that
A. a nation can consume more than it can produce only by going into debt. B. only one of two nations engaged in trade can consume more than it produces. C. both of two nations can consume more than they produce if they engage in trade. D. the production possibilities frontiers of any two nations are identical.
Which of the following could be used to calculate the profit for a firm?
a. Profit = MR - MC b. Profit = MR - TC c. Profit = (P - MC) × Q d. Profit = (P - ATC) × Q
As inflation rates increase, money becomes less useful as a:
A. unit of account. B. store of value. C. medium of exchange. D. double coincidence of wants.
Money is destroyed when
A. loans are made. B. checks written on one bank are deposited in another bank. C. loans are repaid. D. the net worth of the banking system declines.