A market demand schedule for a product indicates that
A) as the product's price falls, consumers buy less of the good.
B) there is a positive relationship between price and quantity demanded.
C) as a product's price rises, consumers buy more of the good.
D) there is a negative relationship between price and quantity demanded.
Answer: D
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If the U.S. government decides to distribute surplus cheese to food banks for the homeless, the government is addressing the question of
a. which goods and services should be produced with society's scarce resources b. what production methods should be used to produce goods and services c. how will output be allocated among the individuals in the society d. what prices will be charged for goods and services e. determining the optimal degree of specialization
An increase in government spending
a. increases the interest rate and so investment spending increases. b. increases the interest rate and so investment spending decreases. c. decreases the interest rate and so increases investment spending increases. d. decreases the interest rate and so investment spending decreases.
Suppose farmers can use their land to grow either wheat or corn. The law of supply predicts that an increase in the market price of wheat will cause farmers to:
A. raise the production of wheat and corn. B. lower the production of corn and wheat. C. substitute corn for the production of wheat. D. substitute wheat for the production of corn.
Refer to the information provided in Figure 33.3 below to answer the question(s) that follow.
Figure 33.3Refer to Figure 33.3. The domestic price of shoes is $80. After trade the price of a pair of shoes is $60. If shoes are a normal good and income in this country falls, then we would expect
A. the number of pairs of shoes exported from this country to increase. B. the number of pairs of shoes imported into this country to increase. C. the number of pairs of shoes exported from this country to decrease. D. the number of pairs of shoes imported into this country to decrease.