A demand curve is ________ sloping because ________.
A. upward; people prefer to purchase high-quality consumer goods
B. downward; of increasing opportunity costs
C. downward; reservation prices tend to fall over time
D. downward; fewer people are willing to buy an item at higher prices
Answer: D
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The price elasticity of demand is measured by the
A) percentage change in quantity demanded divided by the percentage change in price. B) percentage change in price divided by the percentage change in quantity demanded. C) change in quantity demanded divided by the change in price. D) change in price divided by the change in quantity demanded.
If an economy has been operating below its potential output level,
a. frictional unemployment is too high b. more individuals should begin entering the labor force c. the government should create more jobs d. unemployment is likely rising. e. the production possibilities frontier will shift
The "yardstick" people use to post prices and record debts is called
a. a medium of exchange. b. a unit of account. c. a store of value. d. liquidity.
The fiscal policy action most likely to increase investment spending would be ______.
a. increasing the individual income tax rate b. decreasing the individual income tax rate c. increasing the business tax rate d. decreasing the business tax rate