If the price of golf balls increases, what will likely happen to the demand for golf club manufacturing employees?
A) It will increase.
B) It will decrease.
C) It will stay the same.
D) Nothing, the two are not related.
Answer: A
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If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
Suppose a commercial banking system has $240,000 of outstanding checkable deposits and actual reserves of $85,000. If the reserve ratio is 25 percent, the banking system can expand the supply of money by a maximum of:
A. $75,000. B. $5000. C. $25,000. D. $100,000.
Secret conspiracies to fix prices are examples of:
A. cartels. B. price leadership. C. overt collusion. D. covert collusion.
Which of the following statements is true about profit?
A) Profit refers to the revenue received from the sale of a quantity of goods. B) Profit is calculated by multiplying price and quantity sold. C) The terms "accounting profit" and "economic profit" can be used interchangeably. D) Profit is the difference between revenue and cost.