A demand schedule shows
A) the quantities that people plan to buy at each different income when all other influences on buying plans remain the same.
B) the quantities that people would plan to buy if they could afford them at each different price when all other influences on buying plans remain the same.
C) the quantities that people plan to buy at each different price when all other influences on buying plans remain the same.
D) the quantities that people plan to buy in all possible circumstances.
E) the quantities that people plan to buy at each different price as long as producers are willing to supply that quantity.
C
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When the economy is operating at a level of real GDP that is greater than its potential level, we know that
A) the structural rate of unemployment is negative. B) the frictional unemployment is zero. C) the actual unemployment rate is greater than the natural rate of unemployment. D) the cyclical rate of unemployment is negative.
In which of the following cases does the tragedy of the commons occur? I. Cattle grazing on private ranches. II. Catching lobsters off the coast of Florida. III. Raising salmon on salmon farms. IV. Using legal services provided by the courts
A) I only B) II only C) II and III only D) I and IV only