Amount of good or service that producers are willing and able to sell at the current price
What will be an ideal response?
quantity supplied
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Refer to Table 2-6. What is James's opportunity cost of making a wagon?
A) 3/4 of a wagon B) 1/2 of a wagon C) 2 tricycles D) 1/2 of a tricycle
Why does the Fed rarely change the reserve requirement?
a. A small adjustment in the ratio can result in major changes that could disrupt the economy. b. It requires input from bank managers and select other financial figures. c. To change the reserve requirement, the Fed must obtain permission from the Senate. d. It has historically had a negative impact on the financial state of the country.
When there is a recession, the biggest percentage decline would be in
A. social Security tax receipts. B. personal income tax receipts. C. consumer spending. D. corporate after-tax profits.
In the long run if the price is below average total cost, the firm will
A. go out of business. B. stay in business. C. temporarily shut down. D. None of the choices are correct.