A basic assumption used in most economic theories is that:
A. as price decreases, quantity demanded will decrease.
B. whatever goes up must come down.
C. what is true for a part of the whole must also be true for the whole.
D. all other things remain the same.
Answer: D
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OPEC periodically meets to agree to restrict the cartel's oil output, and yet almost every member of OPEC produces more than its own output quota. This suggests that OPEC has
A) a threat of substitute goods. B) a noncooperative equilibrium. C) new potential entrants. D) a cooperative equilibrium.
The change in total revenues resulting from a change in output of one unit is
A) average revenue. B) marginal revenue. C) quantity revenue. D) price revenue.
The idea that people change their behavior in response to taxes is
A. highly controversial among economists. B. accepted by economists, but debated by those in Congress. C. uncontroversial among economists. D. None of these statements is true.
If real GDP for Mexico was 19.8 trillion pesos at the end of 1999 and 21.3 trillion pesos at the end of 2000 . then Mexico's economy grew at an annual rate of _____
a. -0.015% b. 4.4 % c. 4.2% d. 7.57% e. 3.8%