If two goods are complementary, a(n)
a. decrease in the price of one good will cause a decrease in the demand for the other
b. decrease in the price of one good will cause an increase in the demand for the other
c. increase in the price of one good will cause an increase in the supply of the other
d. increase in the price of one good will cause a decrease in the supply of the other
e. increase in the price of one good will cause an increase in the demand for the other
B
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Total surplus can be increased if:
A. new markets are created. B. new technology is banned. C. deadweight loss is increased. D. All of these can increase total surplus.
Diminishing marginal product first sets in at the minimum point of the
a. ATC curve. b. AVC curve. c. AFC curve. d. MC curve.
The Earned Income Tax Credit
a. is targeted to poor families b. is less targeted to poor families than the minimum wage c. is just a different name for the minimum wage d. operates on the labor market in exactly the same as the minimum wage
Money is created when banks _________.
Fill in the blank(s) with the appropriate word(s).