The slope of a negative relationship is
A) negative.
B) undefined.
C) positive to the right of the maximum point and negative to the left.
D) constant as long as the relationship is nonlinear.
A
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What is the total demand for goods and services in an entire economy called?
A) supply and demand B) GDP demand C) aggregate demand D) consumer demand
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna holds an auction between the two bidders, and both the bidders have low values, she would earn ___ from the auction
a. Just above $100 b. $100 c. Just above $70 d. $70
The goods and services included in GDP are allocated to which of the following four major sectors?
a. consumption, investment, government purchases, and transfer payments. b. consumption, taxes, saving, and transfer payments. c. investment, government purchases, net exports, and military goods. d. consumption, investment, government purchases, and net exports.
A key determinant of the price elasticity of supply is the
a. number of close substitutes for the good in question. b. extent to which buyers alter their quantities demanded in response to changes in prices. c. length of the time period. d. extent to which buyers alter their quantities demanded in response to changes in their incomes.