Which of the following is true of the relationship between price and quantity supplied?
a. Whatever the price level, quantity supplied is equal to quantity demanded.
b. More is supplied at lower prices.
c. As the price rises, consumers are willing to purchase more of the good supplied.
d. Except for market-day supply, an increase in price generates an increase in quantity supplied

What statement best describes the colonial economic experience?

a. The agricultural sector was initially a small portion of the economy, but quickly grew to be the largest sector. b. By the time of the American Revolution, the U.S. colonial economy was larger than about 70 percent of other nation's economies. c. The U.S. colonial economy was particularly hurt during the Seven Year's War. d. Economic growth was irregular and averaged about 0.45% per year.

A liability to a bank is

a. something that the bank owns. b. something that the bank owes. c. something a customer owes the bank. d. the value of bank buildings and hardware.