An increase in the number of medical procedures performed in doctor's offices rather than in hospital settings will tend to shift the ________ curve for medical services to the ________
A) demand; left
B) demand; right
C) supply; left
D) supply; right
Answer: D
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Assume consumers eat either rice or pasta for dinner every night. If the price of rice increases, then one would expect to see:
A. an increase in the quantity of pasta demanded. B. a decrease in the demand for pasta. C. a decrease in the quantity of pasta demanded. D. an increase in the demand for pasta.
If a country were to experience an increase in its factors of production, its production possibilities frontier would shift outward
Indicate whether the statement is true or false
The reserve ratio is 10 percent. Depositors regularly keep 10 percent of their deposits as cash. If the Fed buys $1 million of U.S. government securities, excess reserves
A) increase by $800,000. B) increase by $810,000. C) increase by $900,000. D) increase by $1 million.
Katz, Goborg, and Rimmet are oligopolists in the tractor industry. They face intense pressure from foreign tractor imports. Which of the following actions could be considered collusive?
a. Goborg and Rimmet collaborate on a pricing strategy to boost their sales. b. Katz hires lobbyists to convince the government to raise tariffs on imported tractors. c. Rimmet and Goborg each lower their prices after Katz lowers its prices. d. Goborg deliberately lowers its prices to try to steal customers from Rimmet and Katz.