If the supply of bananas increases, but the demand remains the same, which of the following would happen?
a. Price becomes indeterminate.
b. Quantity becomes indeterminate.
c. Price falls.
d. Quantity falls.
c. Price falls.
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The Federal Open Market Committee is responsible for directing
a. issuing government securities. b. setting monetary policy. c. setting reserve requirements. d. printing money. e. All of the above
In empirical analyses of factors that help explain wages,
a. effort and ability are not likely to contribute to large differences in wages in the U.S. economy. b. economists typically find that measurable factors explain less than half of the variation in wages. c. economists typically find few factors that are not explicitly measurable. d. unmeasurable influences on wage differences are found to be quite small.
The amount that a firm receives from the sale of goods and services is:
A. total revenue. B. total cost. C. total profit. D. total benefit.
Which of the following is an implicit cost of migration?
A. The cost of traveling to a new country B. Having to adapt to a new culture C. Paying application fees D. Payment to an expediter