The key variable in determining changes in a country's standard of living is the:
A. inflation rate.
B. interest rate.
C. long-run rate of economic growth.
D. unemployment rate.
Answer: C
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A decrease in quantity demanded because of an increase in price is represented by a
A) rightward shift of the demand curve. B) leftward shift of the demand curve. C) movement up and to the left along the demand curve. D) movement down and to the right along the demand curve.
The U.S. system of property rights
(a) is strictly private. (b) is influenced by a mix of private and public forces. (c) does not permit governmental seizure of property under any circumstances. (d) does not permit the government to seize earned income through taxation.
Consider the above table. Assuming the government imposes a price ceiling on garbanzo beans of $4, what would be the likely result?
A) a surplus of 2,000 garbanzo beans B) a shortage of 2,000 garbanzo beans C) No change, equilibrium would prevail. D) The quantity demanded of garbanzo beans would fall to zero.
For firms that sell one product in a perfectly competitive market, average revenue will:
A. decrease if marginal revenue is greater than it. B. increase if marginal revenue is greater than it. C. always be the same as marginal revenue. D. always be greater than average total cost.