The law of demand asserts that all else equal, if the price of a good ________, the quantity demanded of that good ________
A) stays the same; decreases
B) falls; decreases
C) rises; stays the same
D) falls; increases
E) None of the above is correct.
D
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Using the table above, what is the elasticity of demand between the prices of $6 and $4?
A) 1 B) 3/2 C) 2/3 D) 2 E) 4
Indifference curves are downward sloping because of the assumption of
A) completeness. B) transitivity. C) more is better. D) All of the above.
Briefly discuss some of the short-term options the Phillips curve gives policy makers and provide examples of how at least two of these options might be used.
What will be an ideal response?
If exports are being excluded unfairly from a market, the World Trade Organization (WTO) may authorize
A. Quotas. B. Other nontariff barriers. C. Retaliatory comparative advantages. D. Retaliatory tariffs.