To maintain a price above the equilibrium price,
a. demand must increase.
b. supply must increase.
c. price must be regulated.
d. demand must decrease.
c. price must be regulated.
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According to economic theory, elected government officials will favor
A) federal budget surpluses. B) balanced federal budgets. C) federal budget deficits. D) shrinking federal budgets.
If firms and workers have rational expectations, including knowledge of the policy being used by the Federal Reserve, the short-run Phillips curve will be
A) vertical. B) flatter in the long run than it is in the short run. C) negatively sloped. D) positively sloped.
The mathematics of amortization for mortgage loans must utilize the
A. period of time over which the debt will be repaid. B. payment amount. C. interest rate. D. all of the options are correct.
In economics we assume that the goal of a firm is to
A. maximize total sales. B. maximize economic profits. C. maximize costs. D. maximize revenue.