A supply curve slopes upwards because
a. the higher the price the lower the quantity that the sellers are willing to supply
b. the higher the price the higher the quantity that the sellers are willing to supply
c. the quantity supplied in insensitive to price
d. an increase in price brings the quantity sold down to zero
b
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U.S. imports of sugar are limited by an import quota that, according to a study updated in 2013, imposed annual costs on American consumers of
A) $2,000,000. B) $1,500,000. C) $1,000,000,000. D) $200,000. E) $370,000.
The income approach to measuring GDP involves adding up the following ________
A) household income and income generated by firms B) private spending, tax revenues and government spending C) transfer payments and income taxes D) interest income, profits and social security benefits E) wages, benefits and interest income
Which of the following did not contribute to the increase in competition in the United States between 1958 and 1988?
a. antitrust activity b. deregulation of transportation industries c. deregulation of banking d. increased imports e. conglomerate mergers
For the typical student, taking an introductory course in economics should
a. turn the student into an economist. b. teach the student solutions to most social problems. c. teach the student how to answer complex social questions. d. help the student learn to rationally analyze social problems. e. All of the above are correct.