When graphing a demand curve for corn, we are showing the relationship between the quantity demanded of corn and the
A) money price of corn.
B) relative price of corn.
C) income effect.
D) substitution effect.
B
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Scarcity impels an individual to make choices
a. True b. False Indicate whether the statement is true or false
You own a stock that you think will produce a return of 11 percent in a good economy and 3 percent in a poor economy. Given the probabilities of each state of the economy occurring, you anticipate that your stock will earn 6.5 percent next year. Which one of the following terms applies to this 6.5 percent?
A. arithmetic return B. historical return C. expected return D. geometric return E. required return
The effect of a change in the wage rate on the number of hours people are willing and able to work is stronger when the:
A. supply of labor is inelastic. B. supply of labor is elastic. C. demand for labor is inelastic. D. demand for labor is elastic.
Based on the information in the above table, what is the total satisfaction Lauren can achieve if she is a rational consumer?
A. 74 utils B. 30 utils C. 85 utils D. 111 utils