Ceteris paribus, if the price of lumber increases, we would expect an increase in the supply of lumber
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 10-7. Suppose Antonio has $10 to spend and the price of beer = $2 per glass and the price of pizza = $2 per slice. How many of each good will he consume when he maximizes his utility?
A) 2 glasses of beer, 3 slices of pizza B) 3 glasses of beer, 2 slices of pizza C) 4 glasses of beer, 5 slices of pizza D) 2 glasses of beer, 1 slice of pizza
A graph that shows the percentage of the families on one axis and the percentage of income on the other is called the:
a. Budget-distribution curve. b. Income-consumption curve. c. Lorenz curve. d. Marx curve.
If all banks are subject to a uniform 20% reserve requirement and demand deposits are the only form of money, a $1,000 open market purchase by the Fed would cause the money supply to
A. increase by $1,000. B. decrease by $1,000. C. decrease by $5,000. D. increase by $5,000.
The demand curve for each perfectly competitive firm is
A. Downward-sloping. B. Vertical. C. Upward-sloping. D. Horizontal.