If we observe an increase in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by
a. an increase in the supply of the good.
b. an increase in the demand for the good.
c. a decrease in the demand for the good.
d. a decrease in the supply of the good.
D
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A risk averse individual
a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries
In a cartel,
a. all firms produce the same amount of output and earn the same profit b. all firms produce the same amount of output but earn different amounts of profit because their costs differ c. firms produce different amounts of output but earn the same profit d. firms with higher average cost produce more so that all firms earn the same profit e. firms with lower average cost often earn higher profits
The Federal Reserve Banks sell government securities to the public. As a result, the checkable deposits:
A. of commercial banks are unchanged, but their reserves increase. B. and reserves of commercial banks both decrease. C. of commercial banks are unchanged, but their reserves decrease. D. and reserves of commercial banks are both unchanged.
Which of the following countries experienced deflation for several years in the period 2002- 2012?
A. France B. Germany C. Italy D. Japan