Since 1960, the price of medical care in the United States has
A) decreased slightly.
B) remained relatively unchanged.
C) increased 8-fold.
D) increased 19-fold.
D
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If aggregate supply is upward sloping, an increase in aggregate demand will result in:
A. An increase in prices and a decrease in output. B. An increase in prices and an increase in output. C. A decrease in prices and a decrease in output. D. A decrease in prices and an increase in output.
The commercial banking system, because of a recent change in the required reserve ratio from 8 percent to 10 percent, finds that it is $50 million short of reserves. If it is unable to obtain any additional reserves, it must reduce deposits and money supply by:
A. $250 million B. $625 million C. $500 million D. $50 million
Refer to the graphs below for a purely competitive market in the short run. The graphs suggest that as long run adjustments consequently occur, the firms in the industry will find that:
A. Profits will increase
B. Profits will decrease
C. Profits will be unchanged
D. Cannot be decided from the information given
What might cause a decrease in supply today?
A. Sellers' expectations that the product's price will fall in the future. B. An increase in the product's own price. C. A decrease in the price of one of the inputs used to make the product. D. Sellers' expectations that the product's price will rise in the future.