If demand is represented as Qd = 20 - 3P and supply is represented as Qs = 4 + 5P, the equilibrium quantity is
A. 2.
B. 3.
C. 7.
D. 14.
Answer: D
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When aid is in the form of free or remarkably reduced priced goods, it is known as:
A. goods in-kind donations. B. freebies. C. direct donations. D. consumable donations.
If the price of a good is low,
a. firms would increase profit by increasing output. b. the quantity supplied of the good could be zero. c. the supply curve for the good will shift to the left. d. firms can and should raise the price of the product.
An example of the type of crime that is contemplated by the rational criminal model is
A. spousal abuse. B. school shooting. C. rape. D. prostitution.
As a result of specialization and trade, individuals no longer have to make choices about how to spend their incomes.
Answer the following statement true (T) or false (F)