An individual’s demand schedule
A. provides information about what quantity a consumer is willing and able to buy at each price.
B. tells a buyer how many other buyers will try to purchase an item.
C. is a schedule that regulates monthly sales of scarce goods and services.
D. is of no use without its accompanying supply schedule.
Answer: A
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Monetarism is a school of thought put forth by ________, who argued that the economy would most likely be at potential GDP
A) Finn Kydland and Edward Prescott B) Milton Friedman C) Robert Lucas and Thomas Sargent D) Karl Marx
Virtual currency unit 2 (VCU2) is different from VCU1 because:
a. VCU1 cannot be spent in the real world; VCU2 can be spent in the real world. b. VCU1 can only be purchased with real-word currencies. VCU2 can be purchased with real-world currencies and also earned in the virtual world. c. VCU1 can only be earned in the virtual world; VCU2 can be earned in the virtual world or purchased with legal tender. d. In terms of spending potential, there is no difference; both VCU1 and VCU2 can be spent in the real world.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
Members of the Board of Governors of the Fed:
A. must leave office when there is a new administration elected. B. are appointed for life, though they can resign at any time. C. serve one non-renewable fourteen-year term. D. can be reappointed after their term expires.