The highly influential book by Adam Smith, who brought up the "invisible hand" notion, is titled:
A. The Worldly Philosophers
B. The Affluent Society
C. The Age of the Economist
D. The Wealth of Nations
Answer: D
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The third step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
If the Fed wanted to expand the money supply as part of an antirecession strategy, it could
a. increase the interest rate paid on excess reserves encouraging banks to extend more loans. b. decrease the interest rate paid on excess reserves encouraging banks to extend more loans. c. decrease the interest rate paid on excess reserves encouraging banks to hold excess reserves rather than extend more loans. d. increase the interest rate paid on excess reserves encouraging banks to hold excess reserves rather than extend more loans.
Suppose that a new study finds that eating more fish will improve a person's health. As a result
A) the demand for fish will fall. B) the demand for fish will rise. C) the price of fish will fall. D) a smaller amount of fish will be purchased.
Refer to the information provided in Table 21.4 below to answer the question(s) that follow. Table 21.4
Refer to Table 21.4. The value for GDP in billions of dollars is
A. 910. B. 920. C. 950. D. 1,050.