Use the following graph to answer the next question.
Which line in the graph would best illustrate the supply of money curve?
A. Line 4
B. Line 3
C. Line 2
D. Line 1
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.
If Evan has an absolute advantage in cleaning and bookkeeping when compared to Gloria, then
a. Evan must also have a comparative advantage in cleaning and bookkeeping b. Evan must have a comparative advantage in cleaning c. Evan must have a comparative advantage in bookkeeping d. Gloria has a comparative advantage in neither activity e. we can conclude nothing about comparative advantage
An argument for tariffs that has some validity is
a. the infant-industry argument. b. the leveling-the-playing-field argument. c. the retaining-money-at-home argument. d. All of these.
Opportunity cost is a theoretical concept with no practical application.
Answer the following statement true (T) or false (F)