If something happens to alter the quantity demanded at any given price, then
a. the demand curve becomes steeper.
b. the demand curve becomes flatter.
c. the demand curve shifts.
d. we move along the demand curve.
c
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If you deposit $1,000 in cash in your checkable deposit at your bank, the quantity of M1 immediately
A) increases by $1,000. B) decreases by $1,000. C) does not change in size. D) increases by $2,000. E) changes, but more information about the required reserve ratio is necessary to determine the amount of the change.
The opportunity cost for a student of attending college for a year is measured by
A. the benefit received by the student. B. the tuition paid for the year. C. the value of the most valued opportunity foregone by attending college. D. the total money outlays associated with attending college.
Draw the demand curve for a good whose price elasticity of demand is equal to zero. Be sure to label both axes. Explain what the graph represents.
What will be an ideal response?
When economic losses exist in the cereal market, for example, this is an indication that
A. Society's scarce resources are being used in the best way. B. Not enough firms are producing cereal (assuming that the market is perfectly competitive). C. The goods and services that society is giving up (the opportunity cost) are more valuable than the cereal being produced. D. The WHAT to produce question is being answered efficiently.