Which of the following is NOT a result of certification of skills?
A. A profession is formed.
B. A stated minimum standard of service is provided.
C. A bigger quantity exchanged than that which would have resulted if there were no certification.
D. A price higher than that which would have been charged if there were no certification.
Answer: C
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All sellers may be tempted to raise the price of what they sell, but a negative unintended effect of raising the price could be __________ in units sold large enough to __________ the seller's total revenue earned
A) an increase; raise B) an increase; lower C) a decrease; raise D) a decrease; lower
Ceteris paribus, if Canadians decide they want to eat more U.S.-grown soybeans, this causes the ________ U.S. currency to ________.
A. demand for; increase B. supply of; increase C. demand for; decrease D. supply of; decrease
The twin responsibilities of the Federal Reserve are:
A. to print money and ensure price stability. B. to ensure price stability and regulate international trade. C. to maintain full employment and balance the federal budget. D. to ensure price stability and maintain full employment.
The proposition that the Fed should concentrate on price stability rather than reducing unemployment is
A. generally accepted by politicians, although few economists accept this proposal. B. largely accepted by most economists, although politicians do not agree. C. highly debatable because many do not agree that price stability should be the most important goal. D. simply incorrect, and no one accepts this idea anymore.