The law of demand is illustrated by a demand curve that is:
A. horizontal.
B. downward-sloping.
C. vertical.
D. upward-sloping.
Answer: B
Economics
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Since 1945, national defense expenditures as a percentage of GDP have _____
a. fallen from 41 percent to 3.7 percent b. fallen from 32.1 percent to 20.1 percent c. fallen from 62.3 percent to 11.5 percent d. fallen from 50.5 percent to 9.6 percent
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If the marginal propensity to consumer is 0.8, the spending multiplier must be:
A. 5 B. 2 C. 1.2 D. 1.8
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Diminishing marginal returns implies that:
A. marginal product is decreasing. B. marginal product is increasing. C. marginal product is constant. D. marginal product may be increasing or decreasing.
Economics