The demand curve represents the relationship between:
A. price and quantity demanded with everything else held constant.
B. income and quantity demanded with everything else held constant.
C. consumer preferences and quantity demanded with everything else held constant.
D. income and price demanded with everything else held constant.
A. price and quantity demanded with everything else held constant.
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In Kejana’s country, the population is growing at a rate of 3.5 percent per year. Due to environmental factors, the country has a limited supply of land on which to grow food, and food output is increasing at a rate of 2.75 percent per year. The population growth rate in Kejana’s country is ______ the per capita output.
a. having minimal impact on b. positively affecting c. operating separately from d. negatively affecting
What is the economic way of thinking, and why is it important?
What will be an ideal response?
The prices of certain goods, such as ice and gasoline, often increase after a natural disaster such as a hurricane. The economic explanation for this observation is that
A. disasters bring out the worst in people. B. the disaster temporarily reduces the supply of the goods and reduces the demand for the goods. C. the disaster temporarily reduces the supply of the goods and increases the demand for the goods. D. people panic in disaster situations.
Article 126 of the Treaty on the functioning of the European Union stated that the member nations had to maintain a deficit to GDP ratio of
A. less than 3 percent. B. equal to 3 percent. C. higher than 5 percent. D. equal to 4 percent.