Which of the following is not a reason why some production continues in households?
a. Some household production requires many specialized resources
b. The opportunity cost of household production has decreased over time
c. Household production avoids taxes
d. There have been important technological advances in household production
e. Some households prefer the ability to control production
A
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Which of the following will shift the supply curve for USB flash drives to the right?
A. an increase in the number of sellers B. an increase in consumers' incomes C. an increase in the cost of resources used to manufacture USB flash drives D. an increase in the number of buyers
Suppose Ariana deposits $75,000 in her bank. If the reserve ratio is 20 percent, this will lead to a maximum increase of ________ in checking account balances throughout all banks
A) $15,000 B) $375,000 C) $750,000 D) $1,500,000
What method did the U.S. use to fund most of the cost of the Revolutionary War?
a. Increases in taxes b. Increases in the issue of paper money c. Increases in bond sales d. Increases in tariffs
Economists emphasize the importance of equilibrium in markets because
a. trading in markets can only occur at the equilibrium price and quantity b. the behavior of buyers and sellers will automatically guide the market toward the equilibrium price and quantity c. all buyers and sellers are better off at the equilibrium point than any other price and quantity combination d. it represents a compromise between sellers hoping for low prices and buyers searching for high prices e. it is the only price-quantity combination that guarantees that the poorest members of society can purchase the good or service