What combination of changes would most likely decrease the equilibrium price?
A. supply increases and demand decreases
B. demand increases and supply increases
C. supply decreases and demand increases
D. demand decreases and supply decreases
Answer: A
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The four main categories of resources are
a. labor, money, capital, and inputs b. capital, land, raw materials, and entrepreneurship c. raw materials, money, labor, and capital d. land, capital, labor, natural resources, and entrepreneurship e. human capital, physical capital, labor, and natural resources
If a firm is producing the level of output at which the total cost curve intersects the total revenue curve,
a. profit is positive b. profit is maximized c. profit is zero d. costs are minimized e. average revenue is maximized
Constant dollars are dollars
A. issued by the Federal Reserve with values that fail to change even in the face of inflation or deflation. B. corrected for general price level changes. C. issued by the U.S. Treasury with values that fail to change even in the face of inflation or deflation. D. measured in terms of current-year prices.
Considering the balance sheet for all commercial banks in the U.S., the net worth of banks is:
A. about 11% of total liabilities. B. about 4 times total liabilities. C. about 5 times total assets. D. about the same as total assets.