The relationship between the level of prices and the quantity of real GDP supplied is known as:
A. aggregate supply.
B. market supply.
C. aggregate demand.
D. market demand.
Answer: A
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Negative values of the price elasticity of demand of a good can be attributed to:
A) the Law of Demand. B) the Law of Supply. C) the Law of Increasing Marginal Utility. D) the Law of Diminishing Marginal Rate of Substitution.
When is a demand curve smooth?
a. when there are no consumers b. when there are few consumers c. when there is one consumer d. when there are many consumers
Which of the following reasons why women earn less than men is considered by some to be economic, and by others to be sociological?
A. Women outnumber men. B. Women are the only ones who can give birth. C. The average man is physically stronger than the average woman. D. Women are more likely to choose flexible, part-time employment to manage the needs of their family.
An entrepreneur is a person who does all of the following except
A. organizes and manages a firm. B. turns a new idea or product into a business. C. assumes the risk of a firm. D. always makes a profit.