Assuming that turkey, chicken, pork, and beef are substitutes, suppose that the price of turkey has fallen. This will, other things being equal
A) reduce demand for chicken, pork, and beef.
B) leave demand for chicken, pork, and beef unchanged.
C) increase demand for chicken, pork, and beef.
D) increase quantity demanded of beef.
A
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What will be the effects of an increase in the money supply on the interest rate?
What will be an ideal response?
Vault cash is equal to $2 million, deposits by depository institutions at the central bank are $1 million, the monetary base is $15 million, and bank deposits are $30 million. Bank reserves are equal to
A) $2 million. B) $3 million. C) $5 million. D) $10 million.
If the marginal physical product of more labor is twice as high as the marginal physical product of more machinery, a rational firm should
A. reduce the labor used and increase the machinery used if labor costs half as much as machinery. B. reduce the labor used and increase the machinery used if labor and machinery cost the same amount. C. reduce the labor used and increase the machinery used only if labor costs more than twice as much as machinery. D. reduce the labor used and increase the machinery used only if labor costs exactly twice as much as machinery.
Which of the following is NOT a club good?
A) cable television B) a rock concert C) a country club D) a baseball bat