Refer to the given table. Relative to column C, column D represents:Price Per UnitColumn A Units Per YearColumn B Units Per Year$205040$306050$407060$508070$609080
A. a decrease in supply.
B. a decrease in demand.
C. an increase in demand.
D. an increase in supply.
Answer: A
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The fundamental goal of economics is to
A. provide all people with five yachts and two automobiles. B. redistribute income and eliminate poverty. C. reduce unemployment so that welfare payments are not necessary. D. learn to handle the scarcity of virtually all resources.
The above table gives the demand schedule for Billy Bob's BBQ ribs. The demand for Billy Bob's ribs over the price range of $1 per pound to $3 per pound is
A) perfectly elastic. B) elastic. C) unit elastic. D) inelastic.
Which of the following are reasons economists consider valid for trade protection?
I. Protection penalizes countries that have weak environmental standards. II. Protection limits dumping of low-wage jobs into the domestic economy. III. Protection prevents low-wage jobs in foreign countries from lowering wages in the United States. A) I and II B) II and III C) I, II, and III D) none of the above
When $1 million is deposited at a bank, the required reserve ratio is 20 percent, and the bank chooses not to make any loans but to hold excess reserves instead, then, in the bank's final balance sheet
A) the assets at the bank increase by $1 million. B) the liabilities of the bank decrease by $1 million. C) reserves increase by $200,000. D) liabilities increase by $200,000.