The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource. The efficient outcome is ________
A) 0 tons per week
B) 300 tons per week
C) 400 tons per week
D) None of the above answers is correct.
B
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If the Board of Governors of the Federal Reserve System increases the reserve requirement, this change will ________.
A. decrease the excess reserves of member banks and thus decrease the money supply B. decrease the excess reserves of member banks and thus increase the money supply C. increase the excess reserves of member banks and thus decrease the money supply D. increase the excess reserves of member banks and thus increase the money supply
Which of the following is money?
A) credit card B) e-checks C) debit card D) checkable deposit E) checks
In order to be binding, a price ceiling
A) must be high enough for firms to earn a profit. B) must coincide with the free market equilibrium price. C) must lie below the free market equilibrium price. D) must lie above the free market equilibrium price.
The study of microeconomics and macroeconomics differ in that
a. microeconomics is concerned with the domestic economy, while macroeconomics is concerned only with the international economy b. microeconomics examines the individual units of the economy, while macroeconomics studies the whole economy c. microeconomics studies the actions of households, while macroeconomics studies the actions of business firms d. microeconomics studies the economy in terms of private individuals and firms, while macroeconomics includes the effect of government e. microeconomics examines the whole economy, while macroeconomics studies the individual units of the economy