Which statement is true?
A. The supply curve in the market period is always perfectly inelastic.
B. The supply curve for a perishable good, such as ripe strawberries, is perfectly elastic.
C. Business firms cannot respond to increases in demand for their product in the short run.
D. The long-run supply curve is more elastic than the short-run supply curve.
D. The long-run supply curve is more elastic than the short-run supply curve.
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When federal regulations protect birds, such as the spotted owl, lumber prices rise because
A) there is less supply of available timber. B) there is less demand for available timber. C) there is more supply of available timber. D) there is more demand for available timber.
The above figure shows the market for labor. The employer is a monopsony. If the workers are unionized, the wage will be
A) $5 per hour. B) between $5 per hour and $15 per hour. C) above $15 per hour. D) less than if the workers were not unionized.
The money supply is $12.5 million, currency held by the nonbank public is $2.5 million, and the reserve-deposit ratio is 0.25.(a)What is the quantity of bank deposits?(b)What is the quantity of bank reserves?(c)What is the quantity of the monetary base?(d)What is the money multiplier (give a number)?
What will be an ideal response?
The difference between household assets and liabilities is referred to as:
A. Debt B. Income C. Net worth D. Expenditures