An inverse relationship will be graphed as
A) a line that is upward sloping.
B) a line that is downward sloping.
C) a loop.
D) a U-shaped curve.
B
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People who consent to bear costs for the benefit of others whom they do not know personally usually do so
A) because they are concerned about the welfare of society. B) because they have been offered some benefit as an inducement. C) only when they are compelled by force. D) without calculating the costs to themselves.
The small group of East Asian countries that experienced high rates of growth in the 1980s and 1990s are referred to as
A) industrial countries. B) newly industrializing countries. C) countries with low standards of living. D) education-deprived countries.
What is the function of the World Bank?
What will be an ideal response?
Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. What is likely to happen to equilibrium price and quantity of lawn mowers as a result in the changing price of oil? Supply and demand will both:
A. increase, increasing equilibrium quantity and having an indeterminate effect on price. B. decrease, decreasing equilibrium quantity and having an indeterminate effect on price. C. increase, increasing equilibrium price and having an indeterminate effect on quantity. D. decrease, increasing equilibrium price and having an indeterminate effect on quantity.