The law of supply says that higher prices tend to ________ the quantity of a good or service supplied, assuming no other changes.
A. decrease
B. first decrease, then increase
C. first increase, then decrease
D. increase
Answer: D
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If most of the shocks that buffet the economy come from the output market shocks, then
A) fixed exchange rates are better than flexible exchange rates. B) flexible exchange rates are better than fixed exchange rates. C) which system is chosen is not important. D) fixed exchange rates are better than flexible exchange rates only in the short run. E) flexible exchange rates are better than fixed exchange rates only in the short-run.
The gap between the current unemployment rate and the natural rate of unemployment is called:
A) frictional unemployment B) structural unemployment C) cyclical unemployment D) full employment
Figure 11-5
In Figure 11-5, Crown Theater, a monopolist movie theater, has chosen the profit-maximizing output. At this output level, the value of MR is what value?
A. $7.50 B. $6.00 C. $4.50 D. $3.00
There are __________ Federal Reserve Districts
A) seven B) eleven C) twelve D) fourteen