Which statement is most likely correct about supply?
a. When economists refer to supply, they are referring to a certain point on the supply curve, or a quantity on the supply schedule.
b. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities supplied at those prices.
c. When economists refer to supply they are referring to a specific point on the curve, not the entire curve.
d. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities demanded at those prices.
b. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities supplied at those prices.
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As output increases, total fixed cost
a. increases. b. remains constant. c. rises and then falls. d. falls and then rises.
If the required reserve ratio (RR) is 20 percent, the simple deposit multiplier is
A) 2. B) 5. C) 10. D) 20.
If the security guard knows that the shoplifter has been caught before, his best response would be
a. Being watchful b. Sleeping on the job c. Run d. Hide
In medieval Europe, small farmers held their land in several scattered plots, even though this created obvious inefficiencies. Which of the following is an economic explanation of such behavior? a. Medieval farmers did not use rational decision making. b. Medieval farmers were not as clever as their modern counterparts. c. Medieval farmers were attempting to reduce their risk. d. Medieval farmers put up with scattering as a natural consequence of marriage and inheritance.
a. Medieval farmers did not use rational decision making. b. Medieval farmers were not as clever as their modern counterparts. c. Medieval farmers were attempting to reduce their risk. d. Medieval farmers put up with scattering as a natural consequence of marriage and inheritance.