The ______ the demand curve, the _____ responsive is the amount demanded to price.
A. steeper; less
B. steeper; more
C. flatter; less
D. higher; less
A. steeper; less
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The base year is 2005, and the GDP price index in 2004 is 92.0. This implies that the ________.
A. prices in 2005 were higher than in 2004 B. prices in 2005 were lower than in 2004 C. output in 2005 was higher than in 2004 D. output in 2005 was lower than in 2004
Consider a used car market in which half the cars are good and half are bad (lemons). A rational buyer in this market should
A) save up and buy a new car. B) offer to pay a price equal to the most she would pay for a good car. C) offer to pay a price equal to the most she would pay for a lemon. D) offer to pay a price somewhere between the price she would pay for a good car and the price she would pay for a lemon.
If a brewery wants to raise funds to purchase a new fermenting vat, it does so in the
A) alcoholic beverages market. B) output market. C) factor market. D) product market.
The present value of an asset and the rate of interest
a. are not related b. are related inversely c. cannot change in opposite directions d. are equivalent e. are directly related