Refer to the above table. There is an excess quantity supplied of 2,000 units at a price of
A) $450.
B) $500.
C) $600.
D) $700.
C
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The labor force includes:
A. employed workers and persons who are officially unemployed. B. employed workers but excludes persons who are officially unemployed. C. full-time workers but excludes part-time workers. D. permanent employees but excludes temporary employees.
Bank reserves are increased by
A) Treasury currency outstanding. B) Treasury cash holdings. C) Federal Reserve capital. D) currency in circulation.
In perfect competition, no individual producer can significantly affect the market price because
a. the market is regulated by the government b. each producer is ignorant of the market price c. each producer provides a very small portion of the total market supply d. strictly enforced collusion prevents any producer from acting independently e. each firm's product is so different that there is no market price
President Truman once said he wanted to find a one-armed economist because when he asked his economists for advice, they always answered, "On the one hand, ... On the other hand, ...". Truman's observation that economists' advice is not always straightforward
a. is rooted in the principle that people face tradeoffs. b. indicates that economists recognize that there are opportunity costs associated with policy decisions. c. confirms that economists are not suited to be presidential advisers. d. More than one of the above is correct.