What is the effect on the price and quantity of wooden desks of a rise in the price of wood?
A) The equilibrium quantity of wooden desks increases and the equilibrium price falls.
B) The equilibrium quantity of wooden desks increases and the equilibrium price rises.
C) The equilibrium quantity of wooden desks decreases and the equilibrium price falls.
D) The equilibrium quantity of wooden desks decreases and the equilibrium price rises.
D
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Most food products have low income and price elasticities of demand
Indicate whether the statement is true or false
An advantage of the proprietorship as a form of business organization is
A) its limited liability. B) its limited access to capital, thus reducing the possible size of debt. C) that it is easy to form. D) that it can sell bonds to the public.
What was the rate of growth of real GDP from 1960 to 2010?
a. 19% b. 81% c. 110% d. 376%
Net exports are
A. the smallest component of GDP. B. income after taxes. C. the largest component of GDP. D. included in government spending.