In 1860, the Republican Party formed a coalition of anti-slavery voters that elected Abraham Lincoln to the presidency. Members of this coalition included all of the following groups except:
a. Northwestern farmers.
b. Irish and German immigrants.
c. Producers who were economically linked by the Northern Gateway.
d. Large property owners in New Mexico and Utah.
d. Large property owners in New Mexico and Utah.
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Is the following quote correct? "Here's the law of demand in a nutshell: The higher the price, the lower the demand."
A) Yes, it is totally correct. B) No. It would be correct if it were to also say "other things constant." C) No, because it confuses demand and quantity demanded. D) No, because the law of demand does not apply to nutshells.
A firm that decides to make a price cut assumes that marginal profit is negative.
Answer the following statement true (T) or false (F)
Narrow framing:
A. refers to the observation that people tend to value something more highly when they own it than when they don't. B. refers to the observation that people tend to value something more highly when they don't own it than when they do. D. refers to the observation that people must make choices in the presence of uncertainty.
Suppose that in a time of crisis everyone pitches in and works more than full-time. How is this represented by a production possibilities frontier?
What will be an ideal response?