Which of the following states the definition of supply?
A. More of a good is supplied at a lower price.
B. There is a positive relationship between the price of a good and the quantity that buyers want to purchase.
C. There is a positive relationship between the price of a good and the quantity offered for sale by suppliers.
D. There is a negative relationship between the price of a good and the quantity offered for sale by suppliers.
Answer: C
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On the Lorenz curve graph, the area between the line of equality and the Lorenz curve is 2,500, and the entire area beneath the line of equality is 5,000. What does the Gini ratio equal?
What will be an ideal response?
Nominal rates of protection
A) are always greater than effective rates of protection. B) are always smaller than effective rates of protection. C) refer to the tariffs placed on intermediate goods used to make the final good or service. D) cannot be negative.
Assume a simple economy without a government and that saving and borrowing behavior is never observed. Then the value of
A) production is equal to income. B) expenditures is less than the value of production. C) production is less than the value of expenditures. D) production is less than income.
John Steinbeck's Cannery Row describes a character who takes his own life because of poor job prospects. If he was an unemployed person who gave up looking for work, he would be considered:
a. chronically unemployed. b. a discouraged worker. c. a member of the labor force. d. frictionally unemployed.