According to the law of demand there is negative relationship between ________ and ________.
A. price; demand
B. price; quantity demanded
C. quantity; income
D. price; income
Answer: B
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Sandra's Sweaters' production function is shown in the above table. Sandra rents three knitting machines for $30 a day each and hires workers at a wage rate of $40 a day
If the rental rate of capital rises to $50 per machine a day, Sandra's ________ curve shifts upward. A) average variable cost B) total variable cost C) average fixed cost D) marginal cost
According to the graph shown, if this economy were to open to trade, domestic producers would increase:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. enjoy a net gain to surplus of BC.
B. suffer a net loss to surplus of BCD.
C. suffer a transfer of surplus to producers of BC.
D. experience deadweight loss of FG.
Which of the following is an accurate difference between durables and nondurables?
a. When GDP rises rapidly, spending on durables soars while spending on nondurables remains stable. b. When GDP drops, spending on durables remains stable while spending on nondurables plummets. c. When GDP rises rapidly, spending on durables drops while spending on nondurables soars. d. When GDP drops, spending on both durables and nondurables also plummets.
Unemployment that occurs when there is deficient demand for the goods and services of an economy is called:
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. natural unemployment.