The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If the price of a hamburger increases from $2 to $4, then the weekly market quantity of hamburgers supplied will
A. increase from 5 to 13.
B. decrease from 9 to 5.
C. decrease from 13 to 5.
D. increase from 5 to 9.
Answer: A
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Refer to Table 18.1. Panama has a comparative advantage in
A) gloves. B) hats. C) both hats and gloves. D) neither hats nor gloves.
According to public choice theory, why might government policy benefit only a narrow interest group?
a. If the benefits to the narrow interest group are relatively large, they have an incentive to invest a lot of money and effort in lobbying government. b. If the costs of this policy are spread out among the general population, and are a very small burden for anyone person, then those paying the costs have little incentive to organize opposition. c. Both a. and b. are correct. d. None of the above is correct.
What is the change in the money supply when the Fed purchases $700 worth of bonds and the required reserve ratio is 14 percent assuming banks hold no excess reserves?
Which one of the following is part of the M2 definition of the money supply, but not part of M1?
A. Small time deposits such as certificates of deposit. B. Travelers’ checks. C. Currency held in banks. D. Currency in circulation.