If supply decreases and demand increases, then the equilibrium
a. price will decrease and quantity will increase
b. price will increase and quantity will decrease
c. price will increase and quantity could increase, decrease, or remain the same
d. price could increase, decrease, or remain the same and quantity will increase
e. price will increase, decrease, or remain the same and quantity will decrease
C
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Which of the following would be categorized as "land"?
A) timber B) human capital C) buildings D) entrepreneurship
The sub-discipline of economics that focuses especially on individual markets is:
a. normative economics. b. positive economics. c. microeconomics. d. macroeconomics. e. econometrics.
When prisoners use cigarettes or some other good as money, cigarettes become
a. commodity money, but do not function as a unit of account. b. commodity money and function as a unit of account. c. fiat money, but do not function as a unit of account. d. fiat money and function as a unit of account.
The Federal Open Market Committee (FOMC) is responsible for managing the nation's
A) domestic economic policy. B) international trade policy. C) money supply. D) gold and silver reserves. E) wage and retirement policies.