Demand is a schedule that shows
A. how much income it takes to afford various quantities of a good.
B. a set of possible prices for a good and the quantities of the good that will be purchased at each of those prices.
C. the relationship between the cost of producing a good and the price that sellers will charge.
D. how population changes will affect the amount of a good that is needed.
Answer: B
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When the Bureau of labor Statistics makes seasonal adjustments in the labor force data, what is it likely to do with the number of people in the labor force during the month of June?
A) Lower the number each year. B) Raise the number each year. C) Lower the number about as often as it raises the number in the long run. D) Multiply the number by the labor force participation rate.
Karl Marx and Friedrich Engels believed that the ideal communist society would come about when
A. the state withered away. B. the state gained control of the economy's means of production. C. there was private ownership of the means of production. D. all large corporations remained in private hands, but were regulated by the government.
Voluntary restraint agreements are
A. a type of tariff in which the tax is a fixed amount per unit of good imported. B. a type of quota that actually benefits the firms facing the restrictions. C. a type of tariff in which the tax is based on the value of the good. D. a type of quota agreed to "voluntarily" in order to prevent more severe protection of another type.
An externality can best be defined as
A) a party not directly involved in a transaction. B) a consequence of a transaction that spills over to affect third parties. C) a right of an owner to use and exchange property. D) a cost associated with the production of one more unit of output.