The Federal Open Market Committee makes decisions about ________ policy.
A. monetary
B. banking
C. deposit insurance
D. fiscal
Answer: A
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The figure below shows the supply and demand curves for oranges in Smallville. 
At a price of $4 per pound there will be an excess ________ of ________ pounds of oranges per day.
A. demand; 20 B. supply; 20 C. demand; 30 D. supply; 10
When government provides a good with an external benefit, to attain efficiency the price paid by consumers is set equal to the
A) marginal private benefit at the efficient level of output. B) marginal private cost at the efficient level of output. C) amount paid by taxpayers. D) market-determined price. E) marginal external benefit at the efficient level of output.
An entrepreneur
a. always makes a profit b. generally avoids risky situations c. claims the residual (i.e., whatever is left over) after other resource suppliers are compensated d. is a parasite that benefits by not paying other resources for their services e. is the manager who runs an enterprise and keeps the customers happy
The law of demand says that as the price of a good rises,
a. buyers recognize that price may be even higher in the future, and so they buy now b. buyers purchase less in hopes that the price will fall in the future c. buyers purchase less, in part because their real income has fallen d. buyers purchase more, in part because the price of a substitute has risen e. buyers purchase more, in part because it has higher status at a higher price