A demand curve is ________ sloping because ________.
A. downward; fewer people are willing to buy an item at higher prices
B. upward; people prefer to purchase high-quality consumer goods
C. downward; reservation prices tend to fall over time
D. downward; of increasing opportunity costs
Answer: A
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The earliest statement of the principle of comparative advantage is associated with
A) David Hume. B) David Ricardo. C) Adam Smith. D) Eli Heckscher. E) Bertil Ohlin.
From the Keynesian perspective, when during a recession the quantity supplied is greater than the quantity demanded in the market for some goods and services, there is
A) a decline in potential GDP. B) a decline in potential GDP relative to real GDP. C) a decline in real GDP relative to both nominal GDP and potential GDP. D) a decline in real GDP relative to potential GDP.