Use the following table to answer the question below.PriceQuantity SuppliedQuantity Demanded$101002951115027512190250132202201424518015265135A technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price. Because of this technological change, equilibrium output in this market
A. increased by 60 units.
B. increased by 30 units.
C. decreased by 60 units.
D. decreased by 30 units.
Answer: B
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A $25,000 price tag on a new car is an example of money as
A) a medium of exchange. B) a unit of account. C) a store of value. D) a time deposit.
The Social Security payroll tax tends to be regressive
a. True b. False Indicate whether the statement is true or false
An increase in the excess reserves banks want to hold, together with people taking currency out of their demand deposit accounts, would: a. increase the money supply
b. decrease the money supply. c. leave the money supply unchanged. d. have an indeterminate effect on the money supply.
The benefit (or satisfaction) that an individual expects to derive from an activity is called
a. opportunity cost. b. utility. c. marginal cost. d. scarcity.