The law of demand is based on the observation that
A) people buy less of a product when the product becomes less fashionable.
B) people buy more of a product when the price falls.
C) people are indifferent to price changes.
D) stores go out of business if they lower prices.
B
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Refer to the scenario above. Jill will derive ________ units of utility if she tries to move the tree while Jack does not try at all
A) 5 B) -5 C) -2 D) 10
What will happen to the annual rate of growth of per capita real GDP if the annual rate of population growth increases and the annual rate of growth of real GDP goes down?
A) It will increase since an increase in population means an increase in labor that translates into an increase in real GDP. B) It will increase since the annual rate of growth of real GDP does not influence the growth rate of per capita real GDP. C) It will decrease since an increase in the growth rate of population and a decrease in the growth rate of real GDP both work to decrease the growth of per capita real GDP. D) The effect will depend upon whether the rate of population growth is greater than or less than the rate of growth of real GDP.
Streaming Netflix movies would be considered:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
"The hotter it gets, the more water people drink." This statement implies that the relationship between temperature and water consumption must have: a. no relationship
b. a negative slope. c. a positive slope. d. either positive or negative slope.