Which of the following statements is FALSE about the demand curve?
A. A change in demand is graphically shown by shifting the entire demand curve.
B. An increase in demand shifts the demand curve to the left, closer to the price axis.
C. When only the price of a good changes, there is movement along the demand curve but no change in demand.
D. When demand decreases, there is a drop in the quantity demanded at each price.
Answer: B
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In spite of having no natural resources, a country like _____ was able to make itself one of the wealthiest countries in the world because it allowed private ownership
a. India b. Poland c. Hungary d. Hong Kong e. China
The absolute value of the price elasticity of demand for hamburger is higher than that of meat in general
Indicate whether the statement is true or false
Which of the following is not a property of a typical indifference curve?
a. downward sloping b. bowed away from the origin c. does not intersect another indifference curve d. a higher one is preferred to a lower one
When the average tax rate rises as income rises, this is known as progressive taxation.
Answer the following statement true (T) or false (F)