If price rises, what happens to the demand for a product?
a. It increases.
b. It decreases.
c. It does not change.
d. Uncertain--economic theory has no answer to this question.
C
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Which of the following statements accurately characterizes pre-1820 wages?
a. Skilled workers in England received higher wages than U.S. skilled workers. b. The wage premiums paid to skilled workers in the U.S. were typically greater than those paid in England. c. Early immigration of primarily skilled workers tended to reduce the wages of skilled labor in the U.S. d. The pull on unskilled labor to enter agricultural pursuits led to lower wages for unskilled workers in the manufacturing sector.
If the simple money multiplier is 5, the required reserve ratio must be equal to _____
a. 5 percent b. 0 c. 10 percent d. 50 percent e. 20 percent
A reduction in the price level will cause the aggregate demand curve to shift to the left
a. True b. False Indicate whether the statement is true or false
When the absence of property rights causes a market failure, the government can potentially solve the problem
a. by clearly defining property rights. b. through regulation. c. by supplying the good itself. d. All of the above are correct.