If more buyers came into the market for a good, we would expect to see the market demand curve
A. reflect a positive relationship between price and quantity demanded.
B. shift inward and to the left.
C. shift outward and to the right.
D. remain unchanged since none of the determinants of individual demand changed.
Answer: C
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The "rule of 72" is a formula for determining the approximate number of
A. years that it would take for a value (like real GDP) to expand 72 times. B. times a value (like real GDP) is a multiple of 72. C. years that it would take for a value (like real GDP) to double. D. times one could double a certain value (like real GDP) over 72 years.
In the computation of GDP, Social Security payments count as
A) transfer payments and are included in GDP. B) transfer payments and are not included in GDP. C) government expenditure on goods and services and are included in GDP. D) government expenditure on goods and services and are not included in GDP.
Explain how it is possible for a recently retired postal worker to be more wealthy than a rookie professional football player even though it is widely recognized that football players earn more than postal workers
What will be an ideal response?
The "capture" in the capture hypothesis occurs because
A) regulators try to promote everyone's best interest. B) society doesn't care for regulatory agencies. C) regulators always know what is in society's best interest. D) regulators usually have been or will be associated with the industries they regulate.