The law of demand
A) was passed by the 102nd U.S. Congress.
B) is a natural law, much like the law of gravity.
C) is considered a "law" in economics because of the overwhelming empirical evidence that supports its logic.
D) is considered a "law" in economics in order to force economic models to operate fully.
C
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The value of resources devoted to rent seeking will
A) at most equal the monopoly's economic profit. B) reduce deadweight loss. C) reduce consumer surplus. D) raise output to an efficient level.
In the open-economy macroeconomic model, if a country's supply of loanable funds shifts right, then
a. net capital outflow rises, so the exchange rate rises. b. net capital outflow rises, so the exchange rate falls. c. net capital outflow falls, so the exchange rate rises. d. net capital outflow falls, so the exchange rate falls.