Scarcity and choice are the basic problems of economics; the supply and demand mechanism is the basic investigative tool of economics.
Answer the following statement true (T) or false (F)
True
You might also like to view...
In the short run, to decrease the interest rate, the Federal Reserve ________ the quantity of money by ________ government securities
A) decreases; buying B) increases; selling C) decreases; selling D) increases; buying E) None of the above answers is correct because in the short run, the Federal Reserve cannot change the interest rate.
A demand curve reflects each of the following except the
a. willingness to pay of all buyers in the market. b. value each buyer in the market places on the good. c. highest price buyers are willing to pay for each quantity. d. ability of buyers to obtain the quantity they desire.
ATMs and human bank tellers:
A. are substitute resources. B. are capital goods. C. have both declined in number because of bank mergers. D. are complementary resources.
The shape of a firm's ________ -run average cost curve depends on how costs vary with ________.
A. short; scale of operations B. long; a fixed factor of production C. long; scale of operations D. short; no fixed factor of production