In drawing a demand curve, the labels for the axes are
A. price (on the horizontal axis) and quantity (on the vertical axis).
B. price (on the vertical axis) and quantity (on the horizontal axis).
C. price (on the horizontal axis) and quantity per unit of time (on the vertical axis).
D. price (on the vertical axis) and quantity per unit of time (on the horizontal axis).
Answer: D
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An example of "investment" in the national income accounts is the purchase of
A) a new van by a potter, who packs it with his wares and travels to art shows. B) 100 shares of Intel stock on the New York Stock Exchange. C) a 100-year-old house that was just put on the protected historic sites list in the year in question. D) a U.S. government bond.
When the Fed raises the required reserve ratio, it:
a. lowers the cost of borrowing from the Fed, encouraging banks to make loans to the general public. b. raises the cost of borrowing from the Fed, discouraging banks from making loans to the general public. c. increases the amount of excess reserves that banks hold, encouraging them to make loans to he general public. d. increases the amount of excess reserves that banks hold, discouraging them from making loans to the general public. e. decreases the amount of excess reserves that banks hold, discouraging them from making loans to the general public.
Many economists suggest that absent legal mechanisms of discrimination, the wage paid to men and women will converge because
A. employers will feel guilty about paying men more when other firms pay equally. B. employers will feel guilty about hiring only men. C. it will be in the interest of profit-minded employers to hire women, thus bidding up their wages. D. if employers can hire men and women at the same wage, they will hire equal numbers.
General Motors purchased Fischer Auto Body to produce bodies to place on a chassis. This transaction is best described as:
A. contract or vertical integration. B. spot exchange. C. vertical integration. D. contract.