If supply decreases while demand is unchanged, the equilibrium price ____ and the equilibrium quantity ____. Question 16 options:
A. does not change; does not change
B. rises; decreases
C. rises; increases
D. falls; increases
B. rises; decreases
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Expansionary monetary policy refers to the ________ to increase real GDP
A) Federal Reserve's decreasing the money supply and increasing interest rates B) government's decreasing spending and raising taxes C) Federal Reserve's increasing the money supply and decreasing interest rates D) government's increasing spending and lowering taxes
The Federal Open Market Committee's "balance of risks" is an assessment of whether, in the future, its primary concern will be
A) higher exchange rates or higher unemployment. B) higher inflation or a stronger economy. C) higher inflation or a weaker economy. D) lower inflation or a stronger economy.
What is one reason a gambler might bet $1,000 that a sixteenth seed team will win the NCAA basketball tournament?
A) irrationality B) overconfidence C) exuberance D) gambler's fallacy
The official poverty level is based on pretax income including cash. Which of the following statements is correct regarding this official specification of poverty?
A) This is a good definition of poverty since it is made up of the income from productive resources. B) This is not a good definition of poverty because our tax structure consists of different tax brackets based on income. C) This is not a good definition of poverty because it does not include in-kind subsidies. D) This is a good definition of poverty because it is easy to measure.