All of society's applied knowledge on how to produce goods and services is
A) held by university professors.
B) called technology.
C) opportunity cost.
D) efficiency.
Answer: B
Economics
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A bank's reserve ratio is 8 percent and the bank has $1,000 in deposits. Its reserves amount to
a. $8. b. $80. c. $92. d. $920.
Economics
"As the price of personal computers continues to fall, demand increases." This headline is inaccurate because:
A. a change in the price of personal computers shifts the supply curve. B. a falling price of personal computers increases the quantity demanded, not demand. C. the statement is backwards: increased demand leads to lower prices. D. a change in the price of personal computers shifts the demand curve.
Economics