When the term "price" is used in the law of demand, price refers to
A. the dollar price of the good.
B. the absolute price of the good.
C. the nominal price of the good relative to its nominal price in the previous year.
D. the price of the good relative to the price of another good.
Answer: D
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Refer to Table 18-4. The table above outlines the rankings of three members of the U.S. House of Representatives on three spending alternatives
Assume that Congress can spend additional revenue on only one of the three spending alternatives and that Tom, Dick, and Harriet, all members of the House of Representatives, participate in a series of votes in which they are to determine which of the spending alternatives should receive funding. Three votes will be taken: (1 ) Foreign Aid and Post-Secondary Education (2 ) Foreign Aid and Roads and Bridges and (3 ) Post-Secondary Education and Roads and Bridges. Determine whether the voting paradox will occur as a result of these votes.
What is meant by the term Odious Debt"?
What will be an ideal response?
If autonomous consumption rises by $60 and, as a result, Real GDP rises by $240, then the marginal propensity to consume is
A) 0.25. B) 0.75. C) 0.05. D) 0.95. E) none of the above
Paul Volcker, former chair of the Fed, implemented
a. contractionary policy which increased the popularity of the U.S. president who had appointed him. b. contractionary policy which decreased the popularity of the U.S. president who had appointed him. c. expansionary policy which increased the popularity of the U.S. president who had appointed him. d. expansionary policy which decreased the popularity of the U.S. president who had appointed him.