Answer the following statement(s) true (T) or false (F)
1. An individual supply curve is a graphical representation of the quantity of goods and services that all the individual producers are willing and able to supply at various prices.
2. A shift in the entire supply curve is called a change in quantity supplied.
3. The supply of a good increases if the price of one of its substitutes in production falls.
4. If producers expect a higher price in the future, they will supply less now than they otherwise would have.
1. False
2. False
3. True
4. True
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If foreign professionals perform equal quality work more cheaply than American professionals it is because
a. American professionals have lower opportunity costs that foreign professionals. b. foreign professionals have lower opportunity costs than American professionals. c. foreign professionals have a higher cost of living than American professionals. d. American professionals have a higher cost of living than foreign professionals.
The capital and financial account measures ________
A) foreign investment in the United States minus U.S. investment abroad B) capital produced outside of the United States minus capital produced inside the United States C) capital used inside the United States but manufactured outside the United States D) capital used outside the United States but manufactured inside the United States
Suppose a bank has $300,000 in deposits and a required reserve ratio of 15 percent. Then required reserves are
A. $45,000. B. $300,000. C. $255,000. D. $4,500.
Imports are goods and services bought domestically
A) and produced domestically. B) but produced in other countries. C) and resold at a profit. D) and not subject to tariffs.