The market-demand curve for a product in a perfectly competitive market:
a. is horizontal.
b. is downward sloping.
c. is vertical.
d. has elasticity equal to 1.
e. is positively sloped.
b
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Distinguish between a voluntary export restraint and a quota
What will be an ideal response?
Aggregate demand includes
a. the quantity of goods and services the government, households, firms, and customers abroad want to buy. b. neither the quantity of goods and services the government, households, nor firms want to buy nor the quantity of goods and services customers abroad want to buy. c. the quantity of goods and service the government wants to buy, but not the quantity of goods and services households, firms, or customers abroad want to buy. d. the quantity of goods and services households and firms want to buy, but not the quantity of goods and services the government wants to buy.
Imports are included in gdp
a. true b. false
If the marginal productivity of labor decreases, then
A) the quantity of labor demanded at every possible wage rate will be less. B) the quantity of labor demanded at every possible wage rate will be higher. C) the quantity of labor demanded will not be affected. D) the demand curve for labor will shift upward and to the right.