If Rosa is willing to pay $450 for hockey tickets and has consumer surplus of $175, the price of the tickets is $625
a. True
b. False
Indicate whether the statement is true or false
False
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The supply curve of a good or service is the same as
A) the demand curve. B) the marginal benefit curve. C) the marginal cost curve. D) the total surplus curve. E) None of the above answers is correct.
A negative shock in aggregate demand will likely result in no permanent change in ________
A) output B) the equilibrium inflation rate if the central bank responds by lowering interest rates C) aggregate demand, if the central bank responds by lowering interest rates D) all of the above E) none of the above
Refer to the accompanying figure. Assume demand remains unchanged at D1. If supply shifts from S2 to S1, then the equilibrium price will ________ and the equilibrium quantity will ________.
A. rise; fall B. fall; rise C. fall; fall D. rise; rise
Which of the following is not true about the members of the Federal Reserve Board of Governors?
A. They are appointed to fourteen-year terms by the president of the United States. B. They are relatively immune to short-term political pressures. C. They may not be reappointed after serving a full term. D. They each serve as chairman of the Board of Governors on a rotating basis.