The law of demand implies that the demand curve is Question 25 options:
A. downward sloping.
B. upward sloping.
C. downward sloping at high prices and upward sloping at low prices.
D. upward sloping at high prices and downward sloping at low prices.
A. downward sloping.
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A method that is technologically inefficient
A) might or might not be economically efficient. B) can never be economically efficient. C) results from failure to calculate the ratio of the cost of labor to the cost of capital. D) means that it uses too much labor and too little capital.
Which of the following models imply that a decrease in the money supply reduces unemployment temporarily but not permanently?
a. both the long-run Phillips curve and the aggregate supply and aggregate demand model. b. the aggregate demand and aggregate supply model, but not the long-run Phillips curve. c. the long-run Phillips curve, but not the aggregate demand and aggregate supply model. d. neither the long-run Phillips curve nor the aggregate supply and aggregate demand model.
The state can expropriate the profits from innovation through legal means.
a. true b. false
A college professor berates his political science students for being uninformed on current political and government issues. For example, most of them do not know who represents them in the U.S. House of Representatives. He tells his students that they will never get very far in life by staying so uninformed and uninterested. The professor is probably overlooking the fact that
A) people are uninformed and uninterested in only some things-not all things. B) his students could be choosing rational ignorance. C) by not taking out time to find out certain things, his students have more time to study for his tests. D) a, b, and c E) none of the above