Ceteris paribus, a decrease in the number of firms selling calculators will result in
A. A decrease in the supply of calculators.
B. A decrease in the demand for calculators.
C. An increase in the supply of calculators.
D. An increase in the demand for calculators.
Answer: A. A decrease in the supply of calculators.
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The Fed is concerned that inflation might occur. To help eliminate this possibility, the Fed could ________ government securities to ________ the federal funds rate in the short run
A) buy; raise B) sell; not change C) sell; lower D) buy; lower E) sell; raise
When external benefits are present in a market,
a. less of the good will be produced than the amount consistent with economic efficiency. b. more of the good will be produced than the amount consistent with economic efficiency. c. the amount of the good produced will be equal to the amount consistent with economic efficiency. d. corresponding external costs are always generated.
Marginal utility is
A. The change in total utility obtained by consuming one additional unit of a good or service. B. Always negative or zero. C. The diminishing nature of total utility. D. The sum of the total utility of consuming a certain amount of a good.
If real GDP in 2003 is $9 trillion and real GDP in 2004 is $9.27 trillion, then the economic growth rate in 2004 is ____.
a. 2.7 percent b. $0.27 trillion c. 3.0 percent d. $9.27 trillion