.If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by
What will be an ideal response?
an increase in the supply of the good
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In reality, because few markets are perfectly competitive, some loss of economic efficiency occurs in the market for nearly every good or service
Indicate whether the statement is true or false
Many colonists believed that export surpluses with England positively impacted colonial businesses through increased prices and profits
Indicate whether the statement is true or false
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Canada has the ________ opportunity cost of a pair of shoes than the United States, so: ________.
A. higher; Canada should specialize in apple production B. higher; Canada should specialize in shoe production C. lower; Canada should specialize in apple production D. lower; Canada should specialize in shoe production
The multiple by which the commercial banking system can increase the supply of money on the basis of each dollar of excess reserves is equal to:
A. the reciprocal of the legal reserve ratio. B. the reciprocal of the velocity of money. C. 1 minus the legal reserve ratio. D. marginal propensity to save.