A demand schedule
A) holds all prices constant.
B) is only for a given time period.
C) holds quantity constant.
D) is for a given variety of goods.
Answer: B
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To reach general equilibrium, the price level adjusts to shift the ________ until it intersects with the ________
A) IS curve; FE line and LM curve B) FE line; LM and IS curves C) LM curve; FE line and IS curve D) ND curve; FE line and NS curve
According to New Keynesians, a reduction in which of the following will tend to cause the inflation rate to decrease?
A) anticipated future inflation B) firms' average inflation adjusted per-unit costs of production C) an unexpected reduction in aggregate demand D) all of the above
Which of the following is a reason why the growth rates of high-income countries can be lower than that of low-income countries?
a. In high-income countries, the invention of new technology is difficult, expensive, and time consuming. b. In high-income countries, the invention of new technology is subject to diminishing marginal returns. c. In high-income countries, the marginal cost of production increases as output increases. d. In high-income countries, the average cost of production increases as output increases.
When economists refer to a firm's capital, they are describing the
a. markets for final goods and services. b. stock of equipment and buildings used in production. c. amount of bank financing used by the firm. d. amount of financing provided by the equity markets.