A demand schedule provides
A) the quantities of a good people are willing to sell every year.
B) the amount of a good a person wants to sell during a given time period.
C) the alternative quantities demanded for a given time period at different possible prices.
D) the amount of a good a person wants at different times of the day.
Answer: C
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If a citizen decides he has had enough of big government and launches a personal campaign to expose big spenders in Congress,
a. he is likely to have his taxes reduced dramatically b. his taxes are not likely to fall very much c. he will be thrown in jail d. he is likely to get elected by other voters e. he will get the support of many special-interest groups
The four components that make up GDP in the expenditure approach are:
A. C, I, G, and NX. B. C, I, G, and EX. C. K, I, G, and NX. D. C, Im, G, and EX.
The monetarist assumption that monetary policy cannot change long-run equilibrium income is based on the idea that:
a. the long-run aggregate supply curve is horizontal. b. the long-run Phillips curve is vertical. c. the price level in the long run is fixed. d. the aggregate demand curve cannot shift. e. the long-run Phillips curve is upward-sloping.
The lag before the full effects of monetary policy on inflation are felt is longer than the lag before its effects on real output and unemployment are felt
a. True b. False Indicate whether the statement is true or false