The quantity demanded of a product increases as:
A. consumer income rises.
B. the prices of other products fall.
C. the price of the product rises.
D. the price of the product falls.
Answer: D
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A balance of payments deficit occurs if
A) the demand for a nation's currency exceeds the supply of the currency at the current exchange rate. B) exports exceed imports. C) the supply of a nation's currency is equal to the demand for the currency at the current exchange rate. D) the supply of a nation's currency exceeds the demand for the currency at the current exchange rate.
The above figure illustrates a perfectly competitive firm. If the market price is $10 a unit, to maximize its profit (or minimize its loss) the firm should
A) shut down. B) produce between 10 and less than 30 units. C) produce 30 units. D) produce more than 30 units and less than 40 units. E) produce 40 units.
According to Nobel Laureate Simon Kuznets, the greatest increase in output and economic growth comes from changes in the _____
a. quantity of resources b. quantity of natural resources (land) c. quantity of labor d. quality of resources e. quantity of capital
The majority of new jobs created in the service sector of the U.S. economy have been in the information sector
a. True b. False Indicate whether the statement is true or false