Economists generally agree on the role the government should play in promoting productivity and economic growth
a. True
b. False
Indicate whether the statement is true or false
False
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At prices below a consumer's willingness to pay:
A. the buyer will not participate in the market because the opportunity cost is more than the benefit from consuming the good. B. the buyer will not participate in the market because the opportunity cost is less than the benefit from consuming the good. C. the buyer will participate in the market because the opportunity cost is more than the benefit from consuming the good. D. the buyer will participate in the market because the opportunity cost is less than the benefit from consuming the good.
The Fed can influence the money supply by
a. changing how much it lends to banks. b. changing the interest rate it pays banks on the reserves they are holding. c. using open-market operations. d. All of the above are correct.
Refer to the following graph.
If the price is set at Pc:
A. a nonprice rationing mechanism must determine which producers will be able to sell the product. B. a nonprice rationing mechanism must determine which buyers will be able to purchase the product. C. the demand curve will shift to the left to achieve a new equilibrium. D. anyone willing and able to pay the asking price will be able to purchase the product.
Total revenue decreases if price ________ and demand is ________.
A. rises; inelastic B. rises; unit elastic C. falls; elastic D. falls; inelastic