More buyers enter a market Demand increases....
a. Quantity supply lends to increase
b. The products are able to use resourcing with higher opportunity cost
c. Price of good will raise (or increase)
d. All
d. All
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Which of the following is one reason why the income of small family farms has decreased over time?
A) The demand for farm products is price elastic. B) The U.S. population has increased greatly since 1950. C) The demand for farm products is income inelastic. D) Technology has increased farm productivity and market supply.
An efficient allocation of resources exists if
a. one group of people can get more of the things they want without someone else having to give up anything. b. no one can get more of the things he wants without someone else having to give up something. c. the economy operates at any point under the production possibilities frontier. d. the economy is operating at any point above the production possibilities frontier.
Other things the same, if banks decide to hold a smaller part of their deposits as excess reserves, the money supply will fall
a. True b. False Indicate whether the statement is true or false
Free trade may lead to more pollution because
A. with free trade, the size of the economy increases resulting in higher production and consumption. B. competition among nations invariably leads to less restrictive pollution standards. C. imported products are produced using cleaner production techniques than domestic products. D. the countries may not specialize in the production of goods in which they have comparative advantage.