If the supply curve does not shift, an increase in demand results in a(n)
a. increase in equilibrium price and a decrease in equilibrium quantity
b. decrease in equilibrium price and a decrease in equilibrium quantity
c. increase in equilibrium price and an increase in equilibrium quantity
d. decrease in equilibrium price and an increase in equilibrium quantity
e. increase in supply
C
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One hundred percent reserve banking refers to a situation in which banks' reserves equal 100 percent of their:
A. profits. B. loans. C. deposits. D. income.
Macroeconomic topics do not usually include: a. the rate of inflation
b. the rate of unemployment. c. economic growth. d. the profit maximizing decisions of an individual firm.
"Now that Terrance paints the broad surfaces and I do the trim work, we can paint a house in three-fourths the time that it took for each of us to do both." This statement most clearly reflects
a. the importance of secondary effects. b. the fallacy of composition. c. the law of comparative advantage. d. behavior inconsistent with economizing.
Which of the following was considered a mild recession?
A. 1937-1938 B. 1973-1975 C. 1981-1982 D. 1990-1991