What will happen to the equilibrium quantity and price of salmon in a competitive market when there is an equal decrease in demand and supply?
A. Equilibrium quantity and price will both increase
B. Equilibrium quantity and price will both decrease
C. Equilibrium quantity will decrease and equilibrium price will stay the same
D. Equilibrium quantity will stay the same and equilibrium price will increase
C. Equilibrium quantity will decrease and equilibrium price will stay the same
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When the use of a communally owned resource has no price, then people will
A. use too much of this resource. B. use less of the resource than usual. C. use another resource altogether. D. not use this resource.
Because many emerging market countries have not developed the political or monetary institutions that allow the successful use of discretionary monetary policy
A) they have little to gain from pegging their exchange rate to an anchor country like the U.S. or Germany. B) they have little to gain from using a nominal anchor, because it would mean a monetary policy that is overly expansionary. C) they have very little to gain from an independent monetary policy, but a lot to lose. D) they would be better off giving their central bankers the independence to use discretion, rather than take their discretion away through any nominal anchor.
If wages drop below the market equilibrium level in a competitive labor market:
A. firms will demand more labor than workers are willing to supply. B. firms will be able to offer lower wages and still fill all the jobs they have. C. unemployment will persist until the wage increases. D. All of these statements are true.
The federal government's principal tool in altering consumer spending is changing
a. corporate income taxes. b. federal sales taxes. c. unemployment insurance benefits. d. personal income tax rates.