As the price of computers falls, the quantity of computers demanded increases. This is an application of:
A. the production possibilities curve
B. the law of demand
C. the law of supply
D. needs versus wants
Answer: B
Economics
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Contracts are enforced by
a. the firms that make the contracts through buy-out clauses b. law firms that specialize in contract enforcement c. corporations specializing in contract writing and enforcement d. the government through the judicial system e. both households and firms through customer relations departments
Economics
The smallest component of national income is
A. rent. B. interest. C. profits. D. salaries and wages.
Economics
Briefly explain why the federal income tax is considered a progressive tax.
What will be an ideal response?
Economics
The successor organization to GATT, created in 1995, is the
A) WTO. B) EU. C) NAFTA. D) FDIC.
Economics