An improvement in the technology of production for a specific good is expected to cause:
a. Higher prices and decreased quantity sold
b. Higher prices and increased quantity sold
c. Lower prices and decreased quantity sold
d. Lower prices and increased quantity sold
Answer: d. Lower prices and increased quantity sold
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If the reserve ratio is 20 percent, how much money can be created from $100 of reserves? Show your work
The quantity of money demanded to satisfy transactions needs:
A. is intended for unexpected expenditures. B. increases with the level of real GDP. C. decreases with the level of real GDP. D. is unrelated to either national income or the interest rate.
Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. After trade begins, ________ will specialize in the production of hats and ________ will specialize in the production of gloves.
A. Russia; Panama B. Panama; Russia C. Panama; Panama D. Russia; Russia
Explain the economic rationale for Henry George’s proposal for a single tax on land
What will be an ideal response?