One reason the supply of cell phones has increased is:
A. cell phone towers are much more common.
B. expectations of the near future are that no landlines will exist.
C. consumer preferences for cell phones has increased.
D. better technology allows them to be produced more cheaply.
Answer: D
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The discount rate refers to
A. the rate at which banks write off bad loans. B. the rate at which assets lose their real value as a result of inflation. C. the rate at which money loses its value as a result of inflation. D. the rate of interest that the Fed charges on loans to commercial banks and thrift institutions.
Which of the following best describes the crowding-out effect?
a. An increase in government expenditures will cause taxes to rise, which will reduce both aggregate demand and output. b. An increase in borrowing by the government will push interest rates upward, which will lead to a reduction in private spending. c. An increase in borrowing by the government will decrease the money supply and, thereby, reduce aggregate demand. d. An increase in government expenditures will cause the general level of prices to fall and, thereby, reduce aggregate demand and output.
Economic profit is equal to
A. total revenue minus the explicit and implicit costs of production. B. accounting profit plus the explicit and implicit costs of production. C. total revenue minus the cost of raw materials. D. total revenue minus total fixed cost.
When firms in a competitive market are experiencing zero economic profits, this is an indication that
A. There is currently no better way to use society's scarce resources. B. Accounting losses are being experienced by these firms. C. They should be producing a different product. D. They will eventually go bankrupt.