Economics is best defined as the study of how individuals decide to use limited resources in an attempt to satisfy unlimited wants
a. True
b. False
A
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If the demand for a product rises and the supply stays the same
A) the market clearing price will fall and the equilibrium quantity will rise. B) the market clearing price will rise and the equilibrium quantity will fall. C) both the market clearing price and the equilibrium quantity will fall. D) both the market clearing price and the equilibrium quantity will rise.
A firm in a perfectly competitive market
a. can raise the price to sell more but by selling more will end up earning less economic profit than it had earned before the price increase b. can cut the price to sell more but by selling more will end up earning less economic profit than it had earned before the price cut c. can increase its supply to lower the price and thereby raise its economic profit d. can decrease its supply to raise the price and thereby raise its economic profit e. is a price taker, that is, accepts the market price for its good as given
The net capital outflow is the net flow of:
A. capital goods owned within a country. B. funds invested outside of a country. C. funds invested within a country. D. capital goods owned outside a country.
The reserve requirement is the:
A. minimum level of reserves a bank can have. B. maximum level of reserves a bank can have. C. maximum ratio of reserves to deposits that a bank can have. D. minimum ratio of reserves to deposits that a bank can have.