According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.
Answer: C
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To compute the CPI, the Bureau of Labor Statistics (BLS) compiles a "basket of goods" that ________; each price in the index is weighted by ________
A) are produced in the United States; an expenditure survey B) the average farmer produces; how long it takes for the particular good to reach the market C) the average urban consumer buys; the quantity of the good that goes into the basket D) only members of congress purchase; a "luxury" score E) is typical of consumers below the poverty line; the perceived quality of the good
The legal reserve requirement is determined by
a. savings and loans b. banks c. Congress d. the FDIC e. the Federal Reserve
A bond with a high yield
a. gives investors a high return on their investments. b. gives investors a low return on their investments. c. sells for a high price. d. sells for a low price.
Which of the following statements is correct?
a. If the monopolist's marginal revenue is greater than its marginal cost, the monopolist can increase profit by selling more units at a lower price per unit. b. If the monopolist's marginal revenue is greater than its marginal cost, the monopolist can increase profit by selling fewer units at a higher price per unit. c. When a monopolist produces where price equals the minimum of average total cost, it earns a positive economic profit. d. If the monopolist is earning a positive economic profit, it must be producing where MR = MC.