Equilibrium price is _____ and equilibrium quantity is _____ units.
A. $8; 9
B. $7; 10
C. $6; 10
D. $5; 9
B. $7; 10
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One popular definition of economics is the study of
a. how scarcity increases opportunities to meet ends. b. how markets overcome scarcity. c. one goal and three tasks. d. how to use limited means to meet unlimited wants. e. wants versus needs.
(I) Rational expectations adherents believe that decision makers base their future expectations on actual outcomes observed during recent periods. (II) The adaptive expectations hypothesis states that decision makers weigh all available evidence when forming expectations about future economic events
a. I is true; II is false. b. I is false; II is true. c. Both I and II are true. d. Both I and II are false.
The following graph shows average fixed costs, average variable costs, average total costs, and marginal costs of production.
The average total cost curve is represented by which curve?
A. I B. II C. III D. IV
At the end of 2013, the Fed was buying about $100 billion of securities per month, a much higher amount than normal. These purchases would ________ the value of the dollar on foreign exchange markets thereby ________ U.S. exports.
Fill in the blank(s) with the appropriate word(s).