When economists speak of "demand" in a particular market, they refer to:
A. The whole demand curve or schedule
B. One point on the demand curve
C. One price-quantity combination on the demand schedule
D. How much of an item buyers want to buy at a given price
Answer: A
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Two countries, Blue Violet and Sweet Pansy, produce only two goods: teapots and coffeepots. The table above gives their production possibilities
A) Blue Violet has a comparative advantage in teapots. B) Sweet Pansy has a comparative advantage in teapots. C) Both have a comparative advantage in teapots. D) Sweet Pansy has an absolute advantage in teapots.
Suppose Russia's inflation rate is 200% over one year but the inflation rate in Switzerland is only 2%. According to relative PPP, what should happen over the year to the Swiss franc's exchange rate against the Russian ruble?
What will be an ideal response?
If labor productivity increases
A) labor costs rise by equal increments. B) the demand for labor increases. C) some workers will be laid off. D) jobs will relocate.
An increase from $5 to $7 in the price of movie tickets is a larger percentage increase in the opportunity cost of an evening's entertainment for
What will be an ideal response?