Suppose prices for new homes have risen, yet sales of new homes have also risen. We can conclude that:
A. the demand for new homes has risen.
B. the law of demand has been violated.
C. new firms have entered the construction industry.
D. construction firms must be facing higher costs.
Answer: A
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Refer to Common Property II. If the common property is privately owned, the amount of the good supplied equals
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. QO
b. QC
c. zero.
d. none of the above.
Most students attending college pay tuition and are unable to hold a full-time job. For these students, tuition is
A) part of the opportunity cost of going to college. So are their forgone earnings from not holding a full-time job. B) part of the opportunity cost of going to college. Their forgone earnings from not holding a full-time job are not part of the opportunity cost of attending college. C) not part of the opportunity cost of going to college, but their forgone earnings from not holding a full-time job are part of the opportunity cost of attending college. D) not part of the opportunity cost of going to college. Neither are their forgone earnings from not holding a full-time job.
The first two numbers of the ABA code listed on the check designate:
A. the account number B. the routing number C. the Federal Reserve District D. the code indicating the business or personal account
If the slope of a straight line is positive, it implies that
A. if the price of one goes up, the price of the other will go up by exactly the same amount. B. the change in the value of one of the variables causes an opposite and equal change in the value of the other variable. C. the line is always vertical. D. the correlation between the two variables being measured is inverse. E. the values of the variables being measured move in the same direction.