Sam owns a firm that produces tomatoes in a purely competitive market. The firm's demand curve is:
A. upsloping to the right.
B. a horizontal line.
C. a vertical line.
D. downsloping to the right.
Answer: B
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The law of small numbers describes:
A) the tendency for people to overstate the probability associated with rare events. B) the ability to correctly estimate the expected outcome from a small number of events. C) the higher probability that small numbers (like 1, 2, and 3 ) occur in random samples relative to large number (like 8 or 9 ). D) the improved accuracy of averages to estimate relatively small numbers (on the order of 1 or 10 ) than relatively large numbers (on the order of 1,000 or 10,000 ).
Authorization in 2009 of increased federal spending on "shovel-ready" infrastructure projects was intended to speed up the macroeconomic impact of the deficit spending by
A. paying for the projects with new taxes approved by Congress. B. paying the entire contracted amount up front. C. carefully designing the projects to save or create the largest possible number of jobs. D. avoiding the lengthy design phase of the projects.
Which of the following is not a durable good?
A) furniture B) automobile C) clothing D) refrigerator
What are the relationships among consumption, saving, and disposable income?
What will be an ideal response?