If the equilibrium price of good X is $5 and a price ceiling is imposed at $4, the result will be a(n):
a. accumulation of inventories of unsold gas. b. shortage.
c. surplus. d. all of these.
b
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A permanent decrease in demand definitely
A) shifts a firm's average total cost curve downward. B) creates diseconomies for individual firms. C) lowers the market price. D) decreases the number of firms in the industry. E) shifts a firm's average total cost curve upward.
An increase in the discount rate ________ bank reserves and ________ the money supply if banks respond appropriately to the change in the rate
A) increases; decreases B) decreases; decreases C) decreases; increases D) increases; increases
In one day Portal Computer Company made 400 laptops with 1200 hours of labor. What was its productivity?
a. 1/3 laptop per hour b. 3 hours per laptop c. 1200 laptops d. 400 laptops
Zachary notices that every time he washes his car, it rains the next day. He concludes that washing his car causes the next day's rain. Zachary is
A. likely correct that there is causation, but the causation is more likely running in the opposite direction in that the upcoming rain was responsible for Zachary's decision to wash his car. B. very probably correct in his conclusion that washing his car causes the next day's rain to fall. C. probably misguided in that there is no apparent correlation or causation in this situation. D. definitely confusing correlation with causation.