The law of demand states that
A. the quantity demanded is directly related to price.
B. people demand less at lower prices.
C. changes in price and changes in quantity demanded move in the same direction.
D. the quantity demanded is inversely related to price.
Answer: D
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Explain what is meant by the economic principle of voluntary exchange
What will be an ideal response?
________ in the foreign interest rate causes the demand for domestic assets to shift to the right and the domestic currency to ________, everything else held constant
A) An increase; appreciate B) An increase; depreciate C) A decrease; appreciate D) A decrease; depreciate
Long lines and discrimination are examples of rationing methods that may naturally develop in response to a binding price ceiling
a. True b. False Indicate whether the statement is true or false
Refer to the diagram. If society is currently producing the combination of bicycles and computers shown by point D, the production of 2 more units of bicycles:
A. cannot be achieved because resources are fully employed.
B. will cost 1 unit of computers.
C. will cost 2 units of computers.
D. will cause some resources to become unemployed.