The line that relates the price of a good and the quantity demanded of that good is called the demand
a. schedule, and it usually slopes upward.
b. schedule, and it usually slopes downward.
c. curve, and it usually slopes upward.
d. curve, and it usually slopes downward.
d
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A voting procedure in which the alternative that receives the most votes wins, even if that alternative does not receive a majority of the votes, is known as the
A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
The manager of Slick Lens, a sunglasses manufacturer, notices that the cost to purchase lenses for their sunglasses in the spot market has increased. As a result of the change, which of the following is true?
A) The manager has more of an incentive to integrate backward. B) The manager has less of an incentive to integrate backward. C) The manager has more of an incentive to integrate forward. D) The manager has less of an incentive to integrate forward.
Which of the following statements is true?
a. Real GDP is a positive function of net exports. b. In the 1980s, the United States experienced a large trade surplus with Japan. c. Positive net exports mean that the domestic country imports more than it exports. d. Total U.S. net exports with Western Europe are zero. e. U.S. net exports are negative because of large trade deficits with other industrial nations.
Assume a given amount of output can be produced by several small plants or one large plant with identical minimum per-unit costs. This long-run situation reflects the existence of
A. Diminishing returns. B. Constant returns to scale. C. Economies of scale. D. Diseconomies of scale.