The First Bank of the United States was chartered by
a. the federal government.
b. the state of New York.
c. the city of New York.
d. Suffolk County.
a. the federal government.
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"The price of digital cameras fell because of improvements in production technology. As a result, the demand for non-digital cameras decreased
This caused the price of non-digital cameras to fall; as the price of non-digital cameras fell the demand for non-digital cameras decreased even further." Evaluate this statement. A) The statement is false because digital camera producers would not reduce their prices as a result of improvements in technology; doing so would reduce their profits. B) The statement is false because the demand for non-digital cameras would increase as the price of digital cameras fell. C) The statement is false. A decrease in the price of digital cameras would decrease the demand for non-digital cameras, but a decrease in the price of non-digital cameras would not cause the demand for non-digital cameras to decrease. D) The statement is false because it confuses the law of demand with the law of supply.
Which of the following statements is false?
A) Economic costs include the opportunity costs of the resources owned by the firm. B) Accounting costs typically include only explicit costs. C) Economic profit will always be less than accounting profit if resources owned and used by the firm have any opportunity costs. D) Accounting profit is equal to total revenue minus implicit costs.
Figure 10-13
In , which of the following would most likely cause the movement from point e2 to point E2?
a.
higher wages and resource prices
b.
lower interest rates
c.
an increase in aggregate demand
d.
a technological advance
Contraction of the money supply can aggravate a recession.
Answer the following statement true (T) or false (F)