If the price of an Xbox player falls, then in the market for Xbox games
A) the demand curve for Xbox games shifts rightward.
B) the demand curve for Xbox games shifts leftward.
C) there is a movement downward along the demand curve for Xbox games.
D) there is a movement upward along the demand curve for Xbox games.
A
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Money is
A) anything backed by gold. B) any durable good. C) whatever people use as a general medium of exchange. D) something intentionally created by farsighted people.
According to the paradox of value, expensive goods, such as gemstones, provide consumers with
A) high total utility and low marginal utility. B) low total utility and low marginal utility. C) low total utility and high marginal utility. D) high marginal utility and high total utility.
Developing countries have often attempted to establish cartels so as to counter the actual or perceived inexorable downward push on the prices of their exported commodities. OPEC is the best well known of these
How are such cartels expected to help the developing countries? At times importing countries profess support for such schemes. Can you think of any logical basis for such support? How are cartels like monopolies, and how are they different from monopolies. Why is there a presupposition among economists that such schemes are not likely to succeed in the long run?
Unemployment that results from the seasonal pattern of work in specific industries is
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.