The quantity demanded of a good reflects
A) the number of units of a good people actually purchase.
B) the number of units of a good suppliers will provide.
C) the number of units of a good people plan to purchase at different prices.
D) the number of units of a good people need to purchase.
C
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In ____, each competing firm is determined to sell at a price that is lower than the prices of its rivals, often regardless of whether that price covers the pertinent cost.
A. market skimming B. a monopoly C. a price war D. perfect competition
If the domestic consumers of a good benefit from free trade, it suggests that the country:
A. is a net exporter of that good. B. is not able to produce that good. C. is a net importer of that good. D. has a comparative advantage in that good.
Which of the following statements is true?
A. Derived demand for labor depends on the demand for the other inputs into production. B. Unions can either increase demand or decrease the supply of labor. C. Investment in human capital is expected to decrease the demand for those workers because there will be a greater number of qualified workers available. D. Unions can effectively increase wages by lobbying for looser immigration laws.
What did Milton Friedman and E.S. Phelps argue with respect to the Phillips Curve?
A. The Phillips Curve could accurately guide activist policy makers over the long run. B. The inflation rate will consistently be 2 percentage points below the unemployment rate. C. The inverse relationship between unemployment and inflation only holds in the long run. In the short run, unemployment and inflation are positively related. D. Economic participants would soon understand activist policymakers' strategy and revise their expectations, making discretionary efforts to fine-tune the economy ineffective.