A consumer's demand curve
a. shows the quantity of a good or service that individual will demand at each different price
b. shows the quantity of a good or service that individual will demand at different levels of income
c. is derived by equating the income and substitution effects
d. slopes downward because the income effect offsets the substitution effect
e. will be vertical if the income effect outweighs the substitution effect
A
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According to Environment Canada, the cornerstone of the Canadian Environmental Protection Act (CEPA) of 1999 is
a. reuse and recycling b. safe disposal of hazardous wastes c. environmental labeling d. pollution prevention
A firm is currently operating where the MC of the last unit produced = $64, and the MR of this unit = $70. What would you advise this firm to do?
A. Shut down. B. Increase output. C. Stay at current output. D. Decrease output.
Comparing checks and currency, we can say:
A. only checks are both money and legal tender. B. both are money and legal tender. C. a check isn't money but currency is. D. both are money but only currency is legal tender.
On a production possibility frontier, the idea that production and consumption are limited is expressed by
A) the rate at which the frontier slopes downward B) the rate at which the frontier slopes upward C) the items on the X and Y axes D) the frontier itself