Which of the following is purchased in a factor market?
A. A motorized scooter used for commuting by a student.
B. National defense.
C. A bag of jellybeans.
D. The labor of a state university professor.
Answer: D
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What is the law of demand and how do we illustrate it?
What will be an ideal response?
With other things constant, the supply schedule for a particular good indicates the quantities
a. actually sold with different productive capacities b. supplied with different productive capacities c. actually sold at various prices of the good d. supplied at various prices of the good e. supplied at various prices of the good and with various productive capacities
Any point on a country's production possibilities frontier represents a combination of two goods that an economy
a. will never be able to produce. b. can produce using all available resources and technology. c. can produce using some portion, but not all, of its resources and technology. d. may be able to produce in the future with more resources and/or superior technology.
The figure above shows the market for candy. People become more concerned that eating candy causes them to gain weight, which they do not like. As a result, the
A) demand curve shifts from D2 to D1 and the supply curve does not shift. B) demand curve shifts from D1 to D2 and the supply curve shifts from S1 to S2. C) demand curve shifts from D2 to D1 and the supply curve shifts from S2 to S1. D) demand curve does not shift, and the supply curve shifts from S1 to S2.