The relationship between quantity supplied and price is usually :

The relationship between quantity supplied and price is usually

A) an inverse relationship.
B) a direct relationship.
C) a negative relationship.
D) impossible to determine.

Ques. 2

The discovery of new natural resources will cause

A) the economy to move closer to the production possibilities curve.
B) the production possibilities curve to shift up and to the right.
C) an upward movement along the curve.
D) the curve to shift back and to the left.

Ques. 3

Which of the following would be the best example of an oligopolistic industry?

A) agriculture
B) large aircraft manufacturing
C) confections
D) retail convenience stores

Ques. 4

Which of the following is NOT a positive statement?

A) The unemployment rate is 5.8 percent.
B) The inflation rate for 2002 was 2.3 percent.
C) The national debt is too high.
D) The federal government budget for 2004 is 2.2 trillion.

Ques. 5

Government spending that changes automatically without action by Congress is

A) a noncontrollable expenditure.
B) national defense.
C) payments to contractors for routing services performed.
D) discretionary payments.

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The relationship between quantity supplied and price is usually :

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