The law of demand implies that the demand curve
A) has a negative slope.
B) has a positive slope.
C) shifts to the right when the price of a good increases.
D) shifts to the left when the price of a good decreases.
Answer: A
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If consumption is defined as C = 2,000 + 0.8Y, then the marginal propensity to save is 0.8
Indicate whether the statement is true or false
When two goods are complements
A) the demands for both goods will be elastic. B) cross price elasticity of demand will be 0. C) cross price elasticity of demand will be negative. D) cross price elasticity of demand will be positive.
Nominal GDP is $12 trillion and real GDP is $15 trillion. What is the GDP deflator? Show your work
A government is considering undertaking one or more construction projects. The estimated marginal cost and benefit of each project are given in the table.ProjectMarginal Cost ($M)Marginal Benefit ($M)1$8$11211133181742823Refer to the above table and information. What is the net benefit of project 2?
A. $2 million B. $1 million C. $5 million D. $3 million