When economists talk about a demand schedule for a product, they mean
A) the amount of a good that consumers intend to purchase at each price in a set of possible prices in a given time period.
B) the amount of a good that consumers are able to purchase (though they might not be willing to) at different prices in a given period of time.
C) the amount of a good that consumers intend to purchase at only one particular price in a given period of time.
D) the amount of a good that producers are willing to make available for sale at a particular price in a given time period.
A
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Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sues demand and marginal revenue curves are illustrated in the figure above. Sue's Surfboards currently rents 15 surfboards an hour. Sue's total revenue from the 15 surfboards is
A) $300. B) $225. C) $150. D) $10.
When the price level_______, the inflation rate ______
A. rises rapidly; increases B. rises rapidly; is high C. falls; is zero D. rises slowly; falls
In 2012, direct government purchases equaled ________ percent of expenditures of all levels of government
A) 71 B) 42 C) 26 D) 55
Which of the following statements correctly describes international trade in accordance with comparative advantage?
a. Trade is impossible unless there exists a purely competitive market for foreign exchange. b. Trade makes all the citizens of the trading countries better off, which is a clear example of a Pareto improvement. c. Trade may well make some citizens in each trading country worse off. d. Trade requires the judicious application by government of tariffs and quotas in order to discourage production according to comparative disadvantage. e. Trade requires that the economies of the trading partners be of roughly equal size (United States versus Andorra just does not work).