Who asserted that "the Federal Reserve's job is to take away the punch bowl just as the party gets going?"
a. president George W. Bush
b. president John F. Kennedy
c. economist John Maynard Keynes
d. former chairman of the Federal Reserve System William McChesney Martin
d
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An increase in ________ tends to increase ________ and therefore increase ________
A) cost; price; supply B) cost; demand; price C) demand; price; cost D) supply; cost; price
Economists and accountants use the same definition of profit.
Answer the following statement true (T) or false (F)
Residents of Hong Kong are able to find restaurants that advertise a dish that contains grizzly bear paws. Since it is unlikely that grizzly bear paws are purchased from a private producer of animal paws, we can likely conclude that
a. international laws making it illegal to sell grizzly bear paws are likely to be very effective at eliminating these offerings at Hong Kong restaurants. b. higher penalties for poaching grizzly bears will prevent poachers from killing. c. there are likely to be very few grizzly bear poachers. d. allowing individuals to own and raise grizzly bears for meat would likely reduce the threat of extinction to grizzly bear populations.
Bubba is a shrimp fisherman who can catch 4,000 pounds of shrimp per year. Bubba is considering hiring his cousin Bobby to work for him. Bobby can catch 3,000 pounds of shrimp per year. If Bubba hires Bobby, what will be the total output of his shrimp business?
a. 7,000 pounds b. 3,500 pounds c. 3,000 pounds d. 1,000 pounds