A firm is an organization that produces
a. only goods for sale to households
b. only services for sale to households
c. goods and services for sale to households and businesses
d. only goods for sale to other businesses
e. only resources
C
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If banks choose to hold excess reserves
A. Lending decreases, and the money supply decreases. B. Lending increases, and the money supply increases. C. Lending decreases, and the money supply increases. D. None of these.
A Dutch auction is a(n) ________-bid auction in which participants ________ observe each participant's bids.
A) descending; do not B) ascending; do not C) descending; do D) ascending; do
“Fair” outcomes and “efficient” outcomes are always identical.
Answer the following statement true (T) or false (F)
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, consumers would:
A. enjoy a net gain to surplus of DEFG. B. suffer a transfer of surplus to the producer of DEFG. C. experience deadweight loss of FG. D. suffer a net loss to surplus of DEFG.