When the Federal Reserve decreases the money supply, at the previous equilibrium interest rate households and firms will now want to
A) sell Treasury bills. B) hold less money.
C) neither buy nor sell Treasury bills. D) buy Treasury bills.
A
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When auto workers go on strike at many of the "Big 3" plants around the United States, the supply of American automobiles
A) increases, which is represented by a leftward shift in the supply curve. B) increases, which is represented by a rightward shift in the supply curve. C) decreases, which is represented by a rightward shift in the supply curve. D) decreases, which is represented by a leftward shift in the supply curve. E) remains the same; only quantity supplied changes.
A prisoner's dilemma is
A) stable. B) the best equilibrium possible. C) inefficient. D) efficient.
Suppose that the wage paid to workers who detassel corn rises. What happens in the market for workers who weed soybean fields, given that workers who detassel corn can easily work weeding soybean fields?
a. The demand curve for soybean workers increases. b. The demand curve for soybean workers decreases. c. The supply curve for soybean workers increases. d. The supply curve for soybean workers decreases.
The concept of utility is
A) subjective so that there can be no true measurement of someone's utility. B) subjective so measurement of someone's utility must be done scientifically. C) objective so that devices can be developed that would measure a person's utility. D) objective so that psychologists can measure utility and compare one person's utility with that of another person.