What kind of table lists the quantity of a good that a person will buy at different prices?
a) demand schedule
b) demand curve
c) market demand schedule
d) market demand curve
Ans: a) demand schedule
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Gold buyers are located in New York and Zurich. If the price of gold is $400 an ounce, the worldwide demand for gold is 10,000 ounces. Also, the price elasticity of demand for gold in New York and Zurich are -3 and -2 respectively
If the slope of each demand curve in New York is the same as in Zurich, then the quantity of gold demanded by dealers in Zurich is A) 10,000/3. B) 5,000. C) 6,000. D) 10,000. E) none of the above
For the CPI. the value of the index in the base year
A) always equals 100. B) depends upon price and quantity that are constantly changing. C) is always greater than 100. D) depends upon what prices did the year before.