The firm's short-run supply curve shows the relationship between the price of a good and the:
A. quantity demanded of that good.
B. quantity supplied of that good.
C. willingness of consumers to purchase the good.
D. firm's capacity output.
Answer: B
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If the price of a good rises, then moving along a demand curve the percentage change in the quantity demanded will be
A) positive. B) negative. C) zero. D) either positive, negative, or zero depending on how the demand curve shifted. E) undefined.
Which of the following is not an example of a transfer payment?
A. social security. B. sales tax. C. unemployment benefits. D. workman’s compensation.
Suppose Americans become concerned about saving for retirement and, as a result, reduce their current consumption expenditures. Which of the following would you expect to occur as a result of this change?
a. In the short run, unemployment will increase and inflation will fall. b. In the short run, unemployment will increase and inflation will rise. c. In the short run, unemployment will decrease and inflation will rise. d. In the short run, unemployment will decrease and inflation will fall.
Scientists prefer to advance irrefutable theories, rather than refutable theories
Indicate whether the statement is true or false