Use the figure below to answer the following question.
Refer to the three demand curves. A "decrease in quantity demanded" caused by a change in price would be illustrated by a change from
A. point 1 to point 6.
B. point 2 to point 5.
C. point 5 to point 1.
D. point 6 to point 4.
Answer: B
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Under majority rule, the order in which items are voted on is
a. unimportant, and this is a lesson of the Condorcet paradox. b. unimportant, and this is a lesson of Arrow's impossibility theorem. c. important, and this is a lesson of the Condorcet paradox. d. important, and this is a lesson of Arrow's impossibility theorem.
In a competitive market for corn, the law of demand indicates that, other things equal, as:
a. The price of corn decreases, the quantity of corn demanded will decrease b. Income decreases, the quantity of corn demanded will increase c. The demand for corn decreases, the price will increase d. The price of corn rises, the quantity of corn demanded will fall
One of the reasons we know that international labor mobility has been higher at other times is because
A) the percent of our population that was foreign born was higher. B) wages were lower. C) labor was important in agriculture. D) the population was younger.
A household is helped, on the ________ side, when its net profits or wages rise and is helped, on the ________ side when the prices of goods and services decrease.
A. flow; stock B. uses; sources C. sources; uses D. input; output