1. The law of demand. When the price of a good falls, the quantity demanded does not fall. 2. The law of supply. When the price of a good rises, the quantity produced does not fall. Usually, a higher price for a produced good results in a greater quantity produced. 3. The law of diminishing [...]

When the nation of Duxembourg allows trade and becomes an importer of software then A. residents of Duxembourg who produce software become worse off, residents of Duxembourg who buy software become better off, and the economic well-being of Duxembourg rises. B. residents of Duxembourg who produce software become worse off, residents of Duxembourg who buy [...]

1. The law of demand says (1 point) the higher the price, the more consumers will buy. the lower the price, the less consumers will buy. the lower the price, the more consumers will buy. the lower the price, the more consumers will substitute. 2. Which of the following describes the substitution effect? (1 point) [...]

6. The change in output from adding one more worker is the (1 point) marginal product of labor. increasing marginal returns. diminishing marginal returns. negative marginal returns. 7. Marginal cost is (1 point) total revenue minus total cost. total revenue plus total cost. the cost of producing one more unit of a good. the difference [...]

If firms in an industry are obtaining economic profits, firms will (enter, leave) ____________ the industry; the price of the industry’s product will (rise, fall) ________ ; the industry will employ (more, fewer) _________ resources and produce a (larger, smaller) ____________ output; and the industry’s economic profits will (increase, decrease) until they are equal to [...]

I’m having a very hard time with these questions can you look what i have over and tell me what you think? I’m not exactly sure what good answers are to some of these. all help would be greatly appreciated 2. (50 POINTS total) Another important real economic variable we consider in this homework assignment [...]

According to the WSJ today: ” Private Sector Adds 67,000 Jobs U.S. Economy Lost 54,000 Jobs in August; Unemployment Rate Rises to 9.6%” …….. So did the U.S. gain jobs, or lose jobs? I’m confused… how did we gain jobs when we acutually lost 54,000 jobs?? Source: http://online.wsj.com/ “U.S. Private Sector Adds 67,000 Jobs”

What is the opportunity cost of one more candy bar? What is the opportunity cost of one more bag of peanuts? Do these opportunity costs rise, fall, or remain constant as each additional unit of the product is purchased?

Any Economic teacher can tell you, that in order to spend money, you have to HAVE Money! Barack Obama is acting like a Teenager with a Credit card.. with NO LIMIT! If we STOP Spending, and LET Businesses grow out of the Depression (Obama made it a Depression) THEN we will Grow! Obama said the [...]

• 83 percent of all U.S. stocks are in the hands of 1 percent of the people. • 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007. • 66 percent of the income growth between 2001 and 2007 went to [...]