If the demand for baseball cards rises and the supply curve does not shift, then the price
a. will rise and quantity will fall
b. and quantity will rise
c. will fall and quantity will rise
d. and quantity will fall
e. will rise, but quantity may rise or fall
B
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Average total cost is equal to
a. AFC + AVC. b. AFC/total output. c. AFC/AVC. d. AVC/AFC.
A friend of yours receives a government voucher for an apartment in a public housing project. This apartment represents
A) a government-sponsored good. B) the free-rider problem. C) a public good. D) the drop-in-the-bucket problem.
Which of the following statements about the Euro's exchange rates with Sterling and the U.S. Dollar is true?
(a) The Euro is above parity with both Sterling and the Dollar; (b) The Euro is below parity with the Dollar and above parity with Sterling; (c) The Euro is below parity with Sterling and above parity with the Dollar; (d) The Euro is below parity with both Sterling and the Dollar.
The aggregate demand curve shifts to the left when the Fed:
A. increases its target inflation rate, reflected by a downward shift in the Fed's policy reaction function. B. decreases its target inflation rate, reflected by an upward shift in the Fed's policy reaction function. C. decreases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function. D. increases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function.