A supply schedule
A. shows what happens to quantity supplied when price is held constant.
B. is a table reflecting the inverse relationship between price and quantity supplied.
C. can be used to generate a supply curve.
D. all of these.
Answer: C
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When government outlays exceed tax revenues, the situation is called a budget
A) surplus. B) deficit. C) with a negative balance. D) with no balance. E) debt.
One drawback of the patent system is that firms must disclose to the public information about the product or process
Indicate whether the statement is true or false
Refer to the graph shown. If the supply curve shifts from S1 to S2, the value of the dollar will:
A. decrease in response to excess supply equal to Q3 - Q1. B. increase in response to excess demand equal to Q4 - Q2. C. decrease in response to excess supply equal to Q4 - Q2. D. increase in response to excess demand equal to Q3 - Q1.
Related to the Economics in Practice on p. 10: Based on a study of the effects of roommates on college grades discussed in the Economics in Practice, which of the following is true?
A. The effects of roommates on fraternity membership are strong. B. The effects of roommates on effort in school are strong. C. The effects of roommates on grade point average are strong. D. all of the above