When demand decreases and the demand curve shifts to the left, equilibrium price ________ and equilibrium quantity ________
A) increases; decreases B) decreases; increases
C) decreases; decreases D) increases; increases
C
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During the last two centuries, the average rate of growth of GDP per capita in the leading industrialized countries has averaged about _________ per year.
A. 2% B. 12% C. 22% D. 32%
The profit-maximizing number of workers for a monopsony to employ is derived at the point where the marginal revenue product of labor is equal to the marginal factor cost of labor
a. True b. False Indicate whether the statement is true or false
Total economic surplus will be ________ in nations with well-defined property rights than in nations with poorly-defined property rights.
A. lower B. no different C. less predictable D. higher
Which of the following policies could the Fed use to lower the interest rate?
A. a tax cut B. selling government securities C. raising the discount rate D. reducing the required reserve ratio