Regarding demand and supply, which of the following statements is NOT correct?
a. Demand and supply simultaneously determine equilibrium market price
b. Demand expresses intentions, but supply does not
c. Demand is a potential concept distinguished from the transactional even of "units sold"
d. Supply is more like scenario planning for operations than for actual production
e. all of the above statements are correct
b
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Tariffs are frequently used in less-developed countries because _____
a. the governments need more revenue b. the governments want to encourage exports c. the governments find it easier to monitor border transactions than interior transactions d. the governments prefer to tax goods over services
The supply curve for a perfectly competitive industry is obtained by
a. making an empirical study of historical data. b. vertically summing the supply curves of firms in the industry. c. horizontally summing the average cost curves of firms in the industry. d. horizontally summing the supply curves of firms in the industry.
If the required reserve ratio is 10 percent, a $100 deposit will ultimately allow the banking system to create how much money?
A. $190. B. $90. C. $1,000. D. $100.
If the price of movies on DVD rises while the price of movies purchased on demand through the Internet remains the same, the law of demand predicts that consumers will:
A. substitute movies on the Internet for movies on DVD. B. buy only movies on the Internet. C. buy only movies on DVD. D. substitute movies on DVD for movies on the Internet.