The law of demand tells us that people will buy less of a good if
A) the price of that good increases.
B) the prices of other goods increase.
C) people's income decreases.
D) every factor that can affect people's buying decisions changes.
Answer: A
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Between 1959 and 2003, the average annual growth rate of real GDP per capita in the United States was about _____
a. 0.1 percent per year b. 2.2 percent per year c. 6.7 percent per year d. 9.3 percent per year e. 15 percent per year
The entire national debt is owed to U.S. citizens
a. True b. False Indicate whether the statement is true or false
Compared to perfect competition, monopoly in the long run?
a. Restricts outputs b. Changes a higher price. c. Produces at greater than the minimum average total cost. d. Is able to make greater profits. e. All of the above.
Exhibit 2-4 Production possibilities curve data A B C D E Capital goods 0 10 20 30 40 Consumer goods200 180 140 80 0 In Exhibit 2-4, if the economy chooses production possibility D rather than production possibility B, it can expect
A. less growth in the future because it will use up its consumer goods. B. more growth in the future because of the accumulation of capital. C. the same amount of growth in the future but with a lower standard of living. D. the same amount of growth in the future but with a higher standard of living.