In which of the following markets do firms sell the same standardized product?
A. Four-door cars
B. Desktop computers
C. 2% milk
D. Sandwiches
Answer: C
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There is no market failure if
A. the marginal private cost curve is upward sloping. B. the demand curve (for a good or service) is downward sloping. C. the demand curve lies about the marginal private cost curve. D. marginal private costs are greater than the external costs associated with a negative externality. E. none of the above
If the Fed wants to temporarily inject reserves into the banking system, it will engage in
A) a repurchase agreement. B) a matched sale-purchase transaction. C) a reverse repurchase agreement. D) an open market sale.
Criteria for an optimum currency area include all the following except
A) fiscal transfers. B) similar business cycle patterns. C) extensive trade with each other. D) a common language.
PPP-adjustment involves:
A. recalculating a variable like GDP per capita so we can compare someone's standard of living across countries. B. a method very similar to adjusting to cost-of-living increases using a price index like the CPI. C. recalculating economic statistics to account for differences in price levels across countries. D. All of these statements are true.