John Rawls developed
A. the theory of comparative advantage.
B. the idea of utilitarian justice.
C. the theory of distributional justice.
D. the labor theory of value.
Answer: C
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The law of demand implies, holding everything else constant, that as the price of yogurt
A) decreases, the quantity of yogurt demanded will decrease. B) increases, the demand for yogurt will increase. C) increases, the quantity of yogurt demanded will decrease. D) decreases, the demand for yogurt will increase.
Explain why most indifference curves are convex
What will be an ideal response?
In the above figure, point E represents the level of real GDP at which planned saving equals planned investment. At point A
A. unplanned inventories decrease. B. changes in inventories cannot be determined. C. unused industrial capacity exists in the economy. D. unplanned inventories increase.
One of the first organizations to investigate the business cycle was
A. the Council of Economic Advisors. B. the Federal Reserve System. C. the Brookings Institution. D. the National Bureau of Economic Research.