Referring to Figure 18.3, the effect of a decrease in Japanese prices is represented by a movement from point:
A. d to a.
B. c to b.
C. c to d.
D. d to c.
Answer: D
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Which of the following best describes a good with perfectly elastic supply?
A) Any increase in the price of the good leads to an increase in the seller's revenue. B) Any increase in the price of the good decreases the quantity supplied of the good by more than the price change. C) Any increase in the price of the good will induce the firm to supply an infinite quantity of the good. D) Any increase in the price of the good increases the quantity supplied of the good exactly by the amount of the price change.
Why is it assumed that loans made in the form of check able deposits will cause money to flow into other banks?
What will be an ideal response?
Many persons object to the results of the competitive market system because
a. it takes too much energy to coordinate activities. b. efficient outcomes may not be compatible with their ideas of a fair distribution. c. a few people can control all economic activity. d. it fosters high rents and low beef prices.
If the market does not allocate resources perfectly, the government can.
A. True B. False C. Uncertain