According to the law of demand, when the price of gas rises, Question 28 options:
A. people will drive more.
B. oil refining companies record financial losses.
C. car sales increase.
D. people decrease the quantity of gas demanded, perhaps by driving less.
D. people decrease the quantity of gas demanded, perhaps by driving less.
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Which of the following factors will NOT cause a shift in the demand for a good?
A) A change in consumer incomes B) A change in the market price of the good C) A change in the number of consumers D) A change in tastes and preferences
The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. If 95 units are produced, the average total cost is
A) $6.31. B) $17.45. C) $26.32. D) $32.63.
Based on the circular flow model, goods and services flow from:
a. households to businesses in product markets. b. businesses to households in product markets. c. households to businesses in factor markets. d. businesses to households in factor markets.
Which of the following correctly portrays a bank's balance sheet?
A. Total Bank Assets = Total Bank Liabilities + Total Bank Capital B. Total Bank Assets = Total Bank Capital - Total Bank Liabilities C. Total Bank Liabilities = Total Bank Capital + Total Bank Assets D. Total Bank Assets = Total Bank Liabilities - Total Bank Capital