Because of their derived nature, resource markets are completely different from any other type of market studied by economists
a. True
b. False
Indicate whether the statement is true or false
False
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A constitutional balanced budget amendment would
A) require a majority vote of Congress to authorize spending increases. B) require that the federal government maintain a balanced operating budget only. C) require that federal expenditures equal revenues (excluding borrowing). D) divide the federal budget into a capital budget and an operating budget.
When the Fed makes higher interest payments on bank reserves, banks will hold ________ reserves which will ________ the money supply
A) less; increase B) less; decrease C) more; increase D) more; decrease
If freezing weather in Florida destroys a large portion of the current orange crop,
A) prices of Florida oranges will rise and quantity demanded will fall. B) the supply of and the demand for Florida oranges will both fall. C) the demand for Florida oranges will fall and prices will rise. D) the supply of Florida oranges will decline but not the quantity demanded.
When economies of scale are present, the LRAC curve touches each short-run ATC curve
A) to the left of the ATC curve's minimum point. B) to the right of the ATC curve's minimum point. C) at the ATC curve's minimum point. D) at no points.