A demand curve shows
A) the willingness of consumers to buy a product at different prices.
B) the willingness of consumers to substitute one product for another product.
C) the relationship between the price of a product and the demand for the product.
D) the relationship between the price of a product and the total benefit consumers receive from the product.
Answer: A
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Because firms can free ride on the research and development of other firms,
A) firms choose a level of research and development where the marginal cost of research is above the economy's marginal return of research. B) firms choose a level of research and development where the marginal cost of research is below the individual firm's marginal return of research. C) firms choose a level of research and development where the marginal cost of research is below the economy's marginal return of research. D) firms choose a level of research and development where the marginal cost of research is equal to the economy's marginal return of research.
A product is produced in a monopolistically competitive industry with scale economies. If this industry exists in two countries, and these two countries engage in trade with each other, then we would expect
A) each country will export different varieties of the product to the other. B) the country in which the price of the product is lower will export the product. C) the country with a relative abundance of the factor of production in which production of the product is intensive will export this product. D) neither country will export this product since there is no comparative advantage. E) the countries will trade only with other nations they are not in competition with.
Wild animals are likely to be
A) private property. B) endangered species. C) domesticated by humans. D) all of the above.
Counting the total number of individuals on any assistance program and dividing by the population determine the poverty line.
Answer the following statement true (T) or false (F)