When the number of Alaskan fishermen increased, salmon prices fell to record lows. This could be shown graphically by a shift in the:
A. supply curve right.
B. demand curve left.
C. supply curve left.
D. demand curve right.
Answer: A
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The equilibrium price and quantity in a monopoly market:
A. is efficient. B. is the same as a perfectly competitive market. C. causes a loss of total surplus. D. causes no welfare costs.
Household spending on education is included in
a. consumption, although it might be argued that it would fit better in investment. b. investment, although it might be argued that it would fit better in consumption. c. government spending, based on the fact that most higher-education students attend publicly-supported colleges and universities. d. None of the above is correct; in general, household spending on services is not included in any component of GDP.
Suppose Warren Buffet withdraws $1 million from his checking account at Chase Bank. If the required reserve ratio is 20 percent, what is the maximum change in deposits in the banking system?
A) -$5 million B) -$4 million C) -$200,000 D) $1 million E) $5 million
The principle that the cost of something is equal to what is sacrificed to get it is known as the
A. principle of opportunity cost. B. marginal principle. C. reality principle. D. principle of diminishing returns.