John just won the Megamillions jackpot. We can assume that his demand for all:
A. inferior goods will increase.
B. normal goods will increase.
C. normal goods will stay the same.
D. normal goods will decrease.
Answer: B
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When a nation exports a good, its ________ surplus increases, and when it imports a good, its ________ surplus increases
A) total; total B) consumer; consumer C) producer; producer D) producer; consumer E) total; consumer
The accompanying figure shows the demand curve for a product that can be sold only in whole-number amounts.
At a price of $25 per unit, what would be the total consumer surplus in this market each day?
A. $15 B. $5 C. $30 D. $0
The Fed would use a reverse repo when they:
A. forecast a permanent increase in the demand for monetary base. B. forecast a permanent decrease in the demand for monetary base. C. want to temporarily increase the monetary base. D. want to temporarily decrease the monetary base.
Answer the following statements true (T) or false (F)
1. Most market economies, such as the U.S. and the U.K., allow government policies and actions aimed at promoting economic growth and stability. 2. In a command economy, the head of each household makes the fundamental economic choices such as what to produce and how to produce output. 3. The economy of the United States can best be described as laissez-faire capitalism. 4. Property rights give to some people the right to coerce others into giving up their property.