Four points on a demand schedule are given: $12, 2 units; $10, 1 unit; $15, 1.5 units; and $2, 4 units. Which combination is inconsistent with the law of demand?
A) $12 and 2 units
B) $10 and 1 unit
C) $15 and 1.5 units
D) $2 and 4 units
B
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Perfect competition is characterized by numerous firms.
Answer the following statement true (T) or false (F)
Identify the correct statement from the following
a. A worker's wage line and productivity line over his lifetime are parallel to each other. b. The wage line of a worker's lifespan is an upward sloping straight line. c. The productivity line of a worker's lifespan rises at a decreasing rate. d. A worker's wage is always equal to his productivity.
The public assistance program that economists believe can promote economic equality at the least cost in economic efficiency is
a. Aid to Families with Dependent Children (AFDC). b. a negative income tax (NIT). c. food stamps. d. Medicaid.
The U.S. has a mixed economy because
A. the government helps in answering the three basic questions of economics: what, how and for whom. B. the laissez faire market system lacks government intervention. C. all goods and services are provided privately. D. the central planning body makes all market decisions.