A market requires
A. government intervention.
B. sellers only.
C. buyers and sellers.
D. buyers only.
Answer: C
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If the demand for a good is unit elastic
A) a 5 percent increase in price results in a 5 percent increase in total revenue. B) a 5 percent increase in price results in a 5 percent decrease in total revenue. C) a 5 percent increase in price does not change total revenue. D) the demand curve is a straight line with slope of -1.
Economic decline (negative growth) is represented on a production possibilities frontier model by the production possibility frontier
A) shifting inward. B) becoming flatter. C) shifting outward. D) becoming steeper.
A movement along the production possibilities curve would imply that A) the labor force has grown. B) productivity has increased. C) society has chosen a different set of outputs. D) productivity has declined because workers are demanding more leisure.
Isabel receives a check for $7,000 from Kermit and deposits it in her bank. Suppose that the reserve ratio is 10 percent. As a result of this transaction the money supply will
A) decrease by $63,000 and then increase by $70,000. B) increase by $70,000. C) decrease by $70,000 and then increase by $63,000. D) not change.