Rent-seeking behavior is limited to those industries that lobby for government help in preserving monopoly powers.
Answer the following statement true (T) or false (F)
False
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Which of the following statements about demand and price elasticity of demand is? TRUE?
A. Since the demand curve has a negative? slope, the price elasticity of demand is negative. B. Since the demand curve has a negative? slope, the price elasticity of demand is positive. C. Since the demand curve has a positive? slope, the price elasticity of demand is negative. D. Since the demand curve has a positive? slope, the price elasticity of demand is positive.
Which of the following statements is TRUE?
A. Gross Domestic Product (GDP) may be calculated using the income or the expenditure approach. B. The value of intermediate goods is included in Gross Domestic Product (GDP). C. The value of illegal activities is included in Gross Domestic Product (GDP). D. The value of a homemaker's services is included in Gross Domestic Product (GDP).
In the circular flow, ________ provide the factor services.
A. businesses and households B. producers C. households D. businesses
Which of the following describes the law of demand? When other things remain the same, as
A) the price of gas falls, the quantity demanded of gas increases. B) the quantity demanded of bread increases, the price of bread falls. C) the price of peanut butter increases, the quantity demanded of jelly decreases. D) your income increases, you'll buy more hamburgers. E) more people decide to eat pizza, the demand for pizza increases.