If the equilibrium price of a good increases and the equilibrium quantity of the good decreases, we can conclude that:
A. demand increased.
B. demand decreased.
C. supply increased.
D. supply decreased.
Answer: D
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Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy
It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions." A) Adam Smith B) John Maynard Keynes C) President Harry Truman D) Alfred Marshall
Compared to a system of fixed exchange rates, currency unions are beneficial because they
A) allow exchange rates to float. B) allow every country to have an independent monetary policy. C) reduce the costs of trading goods and assets. D) restrict what countries can do with fiscal policy.
The marginal propensity to save plus the marginal propensity to consume always equals 1
a. True b. False Indicate whether the statement is true or false
Which statement is true about the Fed's Governing Board?
A. They can be removed from office by the President. B. They can be removed from office by Congress. C. They serve for life. D. None of the statements are true about the Fed's Governing Board.