When the Fed _____ bonds, the money supply _____.
A. buys; increases
B. buys; decreases
C. sells; increases
D. sells; is not affected
A. buys; increases
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In the above figure, the intersection of curves A and C is the point at which
A) average total cost is minimized. B) average variable cost is minimized. C) average fixed cost is minimized. D) total product is maximized.
Which of the following is true of successful price discriminators? a. They make greater profits than by charging everyone a uniform price
b. Their customers must have different willingness to pay. c. Their customers must have difficulty reselling the good to other customers. d. All of the above are true of successful price discriminators.
Consider the market for university economics professors. Suppose the opportunity cost of going to graduate school to get a Ph.D. in economics increases for many individuals. Suppose it generally takes about five years to get a Ph.D. in economics. Holding all else constant, in five years the equilibrium wage for university economics professors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium wage.
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. In this market there will be an excess supply of 1,000 cheeseburgers at a price of
A. $5. B. $6. C. $7. D. $9.