What can cause the equilibrium quantity of a good to fall?
A. An increase in demand or an increase in supply
B. A decrease in demand or a decrease in supply
C. An increase in demand or a decrease in supply
D. A decrease in demand or an increase in supply
B. A decrease in demand or a decrease in supply
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Which of the following is true regarding opportunity cost?
a. Opportunity cost of engaging in some activity, such as attending opera, will be same for different people. b. Opportunity cost has nothing to do with scarcity and time. c. Opportunity cost may vary with circumstances. d. Opportunity cost of the chosen item is the value of all the alternatives that are foregone.
The price elasticity of demand measures the responsiveness of:
A. firms to changes in demand. B. demand to a change in price of a substitute good. C. demand to a change in price. D. quantity demanded to a change in price.
In response to accounting scandals in 2002, the federal government passed legislation requiring among other things that auditors disclose any potential conflicts of interest. What is the name of this legislation?
A) the Kennedy-Lott Act B) the Accountant Reliability Act C) the Sarbanes-Oxley Act D) the 24th amendment to the Constitution
Classical economists believe that an increase in the money supply will lead to
a. a decrease in nominal GDP b. a decrease in real GDP c. a decrease in the price level d. an increase in nominal GDP e. an increase in real GDP