A fish hatchery raises brook trout and rainbow trout. An increase in the market price of brook trout therefore tends to
A) reduce the demand for brook trout.
B) increase the hatchery's cost of raising rainbow trout.
C) increase the demand for brook trout.
D) decrease the hatchery's cost of raising rainbow trout.
B
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As a curve approaches a maximum point, the slope will
A) be positive, then negative after the maximum point. B) be negative, then positive after the maximum point. C) remain constant on either side of the maximum point. D) increase before and after the maximum point.
Banking under a system of fractional reserves is a(n)
a. inherently risky business that is unsafe regardless of bank management. b. inherently risky business that is relatively safe under prudent management. c. fairly safe business unless management is irresponsible. d. fairly safe business with no unusual risks.
As the price of an item goes up, the quantity demanded
A. rises. B. falls. C. remains the same.
For a given short-run Phillips curve, if expected inflation is 8% but actual inflation is 10%, is the unemployment rate above or below its natural rate?