Economists use the term "demand" to refer to:
A. a particular price-quantity combination on a stable demand curve.
B. the total amount spent on a particular commodity over a fixed time period.
C. an upsloping line on a graph that relates consumer purchases and product price.
D. a schedule of various combinations of market prices and amounts/quantities demanded.
Answer: D
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The current account balance is defined as
A) the value of exports - the value of imports. B) the amount of exported capital assets + net interest income. C) the value of exports - the value of imports + net interest income + net transfers. D) the difference between the import and export of official reserves.
The relationship between average and marginal variables can be stated as follows: if the marginal is greater than the average,
a. the average is increasing. b. the average is decreasing. c. the marginal is increasing. d. the marginal is decreasing. e. the total is decreasing.
The graph below represents the market for alfalfa. The market price is $7.00 per bushel. Identify the areas representing consumer surplus, producer surplus, and economic surplus
What will be an ideal response?
With rent controls, which of the following is most likely to occur?
A) decreased search activity B) black market activity C) a building boom D) a housing surplus