If both the supply and demand curves shift to the left, then we can conclude that there will be
a. an increase in the equilibrium quantity sold.
b. a decrease in the equilibrium quantity sold.
c. an increase in the equilibrium price.
d. a decrease in the equilibrium price.
b
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A seller's willingness to accept is the same as his:
A) total cost of production. B) marginal cost of production. C) fixed cost of production. D) average cost of production.
Sally is a U.S. citizen who works for an Italian company at the branch office located in Tulsa, Oklahoma. Sally's work will contribute toward:
A. U.S. GDP since Sally's a citizen. B. U.S. GDP since the location of her office is in the U.S. C. Italian GDP since she's working for an Italian firm. D. both the U.S. and Italy's GDP.
The term "stagflation" is used to define an economic situation where there are adverse supply shocks which cause a fall in output but with increasing price level.
Answer the following statement true (T) or false (F)
Which of the following is included in M2 but NOT in M1?
A. traveler's checks B. transaction deposits C. small-denomination time deposits D. currency