Since the 1960s, the percentage of U.S. output exported to foreigners
A) remained about the same.
B) more than doubled.
C) increased by more than ten times.
D) declined by about half.
B
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Elected government officials seem biased toward favoring
A) the national interest. B) the global interest. C) well organized, special interest groups. D) policies that are in the long-run interest of economists.
When decision rights are decentralized, typically
a. decisions are being moved to those with less of the relevant information b. decisions are being moved to those with stronger incentives to make good decisions c. decisions are being moved to those with more of the relevant information d. decisions are being moved from those with weaker incentives to make good decisions
Which of the following events would cause both the equilibrium price and equilibrium quantity of number two grade potatoes to increase if number two grade potatoes are an inferior good?
a. an increase in consumer income b. a decrease in consumer income c. greater government restrictions on agricultural chemicals d. fewer government restrictions on agricultural chemicals
A table which shows the quantities of a particular good or service that consumers are willing to purchase at various prices is known as a:
A. demand figure. B. demand schedule. C. demand curve. D. demand graph.