The number of firms producing computer memory chips decreases. As a result, the price of a memory chip ________ and the quantity of memory chips ________
A) rises; increases
B) rises; decreases
C) falls; increases
D) falls; decreases
C
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What is the price of coffee when the demand is 15 pounds per year?
a. $2 per pound
b. $3 per pound
c. $4 per pound
d. $5 per pound
Unplanned inventory increases: a. tend to result in an increase in income
b. tend to result in an increase in real output. c. result in an increase in production. d. signal that demand was weaker than expected.
Which of the following is most likely a topic of discussion in economics?
a. Families must decide whether to spend their money on a new car or a fancy vacation. b. Nations must choose whether to put more of the budget into police and fire protection or into the school system. c. Towns must choose whether to put more of the budget into police and fire protection or into national defense. d. Nations must decide whether to devote more funds to national defense or to police and fire protection.
It is purely by chance that what producers intend to produce for consumption will equal what consumers intend to consume
Indicate whether the statement is true or false