Combining various goods and services into a convenient grouping is called
a. conglomeration.
b. blending.
c. congregation.
d. agglomeration.
e. aggregation.
e
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A demand curve
A) has an upward slope. B) has a downward slope. C) is a graph of the relationship between quantity demanded of a good and its price. D) Both answers B and C are correct. E) Both answers A and C are correct.
In a competitive free market:
A) all exchanges take place involuntarily. B) there is only one seller and many buyers. C) the government does not impose price controls. D) there is no provision for the protection of property rights.
The above table has the balance of the University National Bank. All figures are in millions of dollars. The desired reserve ratio is 20 percent. What is the value of excess reserves held by the University National Bank?
A) $88 million B) $232 million C) $320 million D) $352 million
In the market for labor, the price of labor is the:
A. number of hours employed per year. B. real wage. C. same as price of the product produced by the labor. D. marginal product of labor.