Under a gold standard, if the market price of gold is above the official price of gold (set by the monetary authority), people will be more likely to sell gold __________________, which will cause the money supply to _______________ and the price level.to _______________
A) to the monetary authority; fall; fall
B) to the monetary authority; rise; rise
C) in the gold market; fall; fall
D) in the gold market; rise; rise
C
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 100 and that it is 150 in country B.) What part of domestic output in country B is the total wage bill before and after the immigration?
A. $1,700M before and $2,250M after
B. $2,250M before and $1,700M after
C. $1,500M before and $2,250M after
D. $1,700M before and $1,500M after
Opportunity cost is best defined as the:
a. sum of all alternatives given up when a choice is made. b. money spent once a choice is made. c. highest-valued alternative given up when a choice is made. d. cost of a good minus the satisfaction obtained from consuming it. e. cost of capital resources used in the production of additional capital.
If the price of a good is above its equilibrium level, then
a. quantity demanded exceeds the quantity supplied b. there will be an excess demand c. quantity supplied exceeds quantity demanded d. the price will have to increase to establish equilibrium e. demand will shift to the left
Total surplus in a market is equal to
a. value to buyers - amount paid by buyers. b. amount received by sellers - costs of sellers. c. value to buyers - costs of sellers. d. amount received by sellers - amount paid by buyers.