The supply curve of reserves is:
A) downward sloping. B) vertical.
C) upward sloping. D) horizontal.
B
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A reason that the United States has the largest economy in the world because
A. it has the most land to work with. B. it has a smaller population to support. C. American workers are very productive. D. All of the responses are correct.
Refer to Figure 5.6. Which diagram shows a decrease in income with bread being normal and soup being inferior?
A. A
B. B
C. C
D. D
All of the following industry types have market power except
A. oligopoly. B. monopoly. C. monopolistic competition. D. perfect competition.
Refer to the above figure. Suppose that the economy starts at AD1. If the government reduces taxes, then the economy goes to AD2, but then falls back to AD3. This is an example of
A) complete crowding-out effect. B) partial crowding-out effect. C) Ricardian equivalence. D) laissez-faire.