Because the price effect is smaller when there are _________ firms, each firm will increase its quantity by __________ before the price effect and quantity effect are equal.
A. more; more
B. less; more
C. similar; less
D. more; less
A. more; more
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A good or service can be consumed by a person even if he or she didn't pay for it is called ________ good
A) a private B) a public C) a normal D) an inferior E) an external
Everything else held constant, a decrease in holdings of excess reserves will mean
A) a decrease in the money supply. B) an increase in the money supply. C) a decrease in checkable deposits. D) an increase in discount loans.
In order to make effective policy changes, policy makers need to know
a. where the economy is going to be six to twelve months from now. b. the magnitude of past recessions. c. Keynesian economics. d. the exact size of the current M1 money supply.
Peanut butter and jelly are complements. A decrease in the price of one will result in
A. An increase in the quantity demanded of the other. B. A decrease in the quantity demanded of the other. C. An increase in the demand for the other. D. A decrease in the demand for the other.